Rovi (NASDAQ:ROVI) PT Raised on Existing OTT Trends

With the announced acquisition by Rovi Corp. (NASDAQ:ROVI) of Sonic Solutions (Nasdaq:SNIC), Canaccord Genuity sees a great fit, citing existing OTT trends.

Canaccord says, "We maintain our rating and are raising our target based on our new estimates for the combined ROVI/SNIC entity. We continue to believe that the recently announced acquisition is a strong strategic fit based on current OTT trends, and remain confident that numerous growth opportunities exist in 2011 and beyond."

Canaccord Genuity maintains a "Buy" rating on Rovi Corp., which closed Wednesday at $64.02, gaining $0.52, or 0.82 percent. Canaccord raised their price target on Rovi from $60 to $84.