UPDATE: JP Morgan Lowers PT on ROVI to $46

J.P. Morgan maintains Overweight rating on Rovi Corporation ROVI, but adjusted price target down to $46 per share from a previous $60 on materialized risk from falloff of two legacy businesses. According to J.P. Morgan, “ROVI reported Revenue/Non-GAAP EPS of $196.5M/$0.63 compared to our $198.4M/$0.63 and street's $197.1M/$0.61. Legacy businesses finally hit wall. Analog copy protection (ACP) is expected to be ~$20M in 2012 from ~$75M in 2011 as this technology finally sunsets. In addition, the Roxio DVD authoring software is expected to tail off from here. Combined this is hitting our 2012 revenue forecast by $82M.” ROVI closed trading at $46.02 per share on Tuesday.