Citigroup upgrades TiVo Inc. (TIVO) to buy from hold.
Analyst Tony Wible says his recent meeting with TiVo management supports his view CMCSA deal a watershed event for TiVo.
He says the deal substantiates TiVo's patented digital video recorder (DVR) advertising products, he views TiVo's search functionality as an integral component of new video-on-demand (VOD) offerings.
Also, Wible believes TiVo could enter into additional multi-system operator (MSO) deals over next two years, driven by, among other things, the MSO's desire to maximize DVR profits, gain foothold within advanced DVR-based advertising and improve product performance. Wible ups TiVo's $7.25 target to $7.75.