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TIVO target raised to $18 at Rodman & Renshaw (10.68 )

Rodman & Renshaw raises its target on TiVo to $18 from $14 ahead of the co's Q4 (Jan) report and analyst meeting later this week. Based on channel checks at Amazon.com and Best Buy, coupled with recently reported DIRECTV results, the firm says TiVo could beat its estimate for 233,000 OEM subscriber adds in FY4Q04. With a recent $50 retail price reduction and the re-introduction of $50 rebate, TiVo is shooting for accelerated growth in FY05. The firm believes that TiVo will remain among the top vendors of DVR technology over the long haul with value added components.