UPDATE: Piper Jaffray Raising Price Target On Rovi Corporation

Piper Jaffray is raising its price target on shares of Rovi Corporation ROVI to $75 from $72, and it has an Overweight rating on shares. In a note to clients, Piper Jaffray writes, "Based on recent announcements at The Cable Show, Rovi appears to be gaining traction with TotalGuide (TG) for service provider (SP) more quickly than anticipated. The company has several trials or early commercial implementations that suggest originally expected roll out timing of early CY12 was conservative. That said, we do not expect TG for SP will be material until CY12. We are slightly raising estimates to reflect the impact of initial TotalGuide for SP roll outs, but additional customer adds would be incremental to our revised CY12 numbers." Shares of ROVI gained 13 cents yesterday to close at $54.14, a gain of 0.24%.