Cowen Trims Q1 Ests on Acacia (ACTG) on Voice/Age Push-Outs; Affirms 'Outperform' Rating

Cowen affirms Acacia Research (Nasdaq: ACTG) at Outperform with a price target of $20 into the company's Q1 report, which is expected out after markets close today.

Acacia is expected to post Q1 EPS of $0.05 with revenue of $32.5 million, versus a loss of $0.11 with revenue of $12.6 million posted in the same period last.

Cowen recently lowered its Q1 outlook and now sees revenue of $31.2 million with EPS of $0.10. The firm commented, Our more conservative view of the quarter is due to January's multiple RPX and Microsoft agreements having been recognized in FQ4:14, while several potential VoiceAge settlements and/or license agreements with major Android OEMs related to March's favorable German court ruling are now likely to come in during FQ2.

Analyst Bryan Prohn highlighted the following key issues for the company:

• detailed update of key CQ2 and F2015 top-tier portfolio trial dates;
• lifetime ROI details for all top-tier portfolios;
• latest Adaptix litigation developments and updated long-term Adaptix ROI target;
• updated 2015 top-tier portfolio/partnership count;
• latest thoughts on trade-off between increased capital return and portfolio net intake;
• increasing urgency of transparency initiatives;
• expectations for impact of latest patent reform legislation; and
• impact of recent tech M&A on licensing efforts.

Acacia offered the following information recently:

A conference call is scheduled for the same day.

The Acacia Research presentation and Q&A will start at 4:30 PM (EDT) / 1:30 PM (PDT).

To listen to the presentation by phone, dial (877) 723-9523 for domestic callers and (719) 325-4760 for international callers, both of whom will need to enter the conference ID 6091098 when prompted. A replay of the audio presentation will be available for 30 days at (888) 203-1112 for domestic callers and (719) 457-0820 for international callers, both of whom will need to enter the Conference ID 6091098 when prompted.

For an analyst ratings summary and ratings history on Acacia Research click here. For more ratings news on Acacia Research click here.

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