UPDATE: Albert Fried & Company Downgrades Rentrak Corporation to Market Perform

Albert Fried & Company lowers its rating on Rentrak Corporation RENT to Market Perform from Buy on seemingly chronic DVD declines. It also cuts price target on shares to $34 from $24. Albert Fried & Company notes, "While we continue to like management and RENT's AMI division, we think the rate of decline in RENT's AtHome (PPT) DVD rental segment is in a secular decline. PPT was roughly 55% of RENT's top line in FY3Q12A and we think PPT division sales declines 16% in FY 2012E and 9% in FY2013E to $46.7 million in FY2012E from $51.4 million in FY2013E. Moreover we think our PPT estimates are optimistic as we expect the Company benefits from block buster DVD releases such as Transformers III and Hunger Games in FY2013E." RENT closed at $23.03 a share on Tuesday.