Goldman trims target on Macrovision (MVSND) to $18 from $19 on “integration issues” after the purchase of Gemstar-TV Guide, as well as concerns that market volatility will hamper efforts to spin off other assets:
The decrease in our price target and shift to a six month price target time horizon is predicated on the following:
(1) We remain concerned with the number of “moving parts” in the Macrovision story at this point—with ongoing dispositions (even on the “old Macrovision” side), integration issues with parts of Gemstar-TV Guide the company plans to keep, and also disposing of the assets the company plans to spin out—and in the latter case with both the timing as well as likely price the company is likely
(2) Backdrop of a volatile market environment that has shortened the opportunity time horizon for valuations, making a six-month time horizon more appropriate for a name like Macrovision Solutions, in our view. Thus, we have reexamined our price target methodology and time frame for Macrovision Solutions shares.
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