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Citigroup Downgrades TiVo

Citigroup downgrades DVR-service company TiVo (TIVO) to sell from hold.

Yesterday TiVo said Marty Yudkovitz resigned as president, effective Jan. 31. Analyst Tony Wible says this resignation is a surprise and could lead to deteriorating employee morale and business disruption given the uncertainty surrounding top management.

As such, he cuts his "TiVo owned" net subscriber count additions estimates for fiscal 2006 (ending January) to 412,000 from 452,000 and for fiscal 2007 to 430,000 from 470,000.

He now expects the company to post a 37-cent loss for fiscal 2006 and a 17-cent loss for fiscal 2007. He notes his new assumptions also drive down cash flow projections. He reduces his $5.40 target to $3.50.

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