InterDigital (IDCC): Investor Day Preview, Raising PT - B.Riley
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
B. Riley analyst, Eric Wold, reiterated his Buy rating on shares of InterDigital Inc. (NASDAQ: IDCC) ahead of the Investor Day in New York City on 9/22. The analyst believes the company’s IoT (“Internet of Things”) royalty opportunity will be a focus of the Investor Day with management likely to frame IDCC’s IoT position in terms of the key OEM partnerships, expected royalty rates, inclusion in platform standards and overall revenue growth contribution potential. The analyst believes IDCC’s IoT royalty opportunity remains underappreciated in both consensus estimates and IDCC’s valuation, making this event a key positive catalyst to take IDCC shares to the next level.
IHS projections for nearly 6.0B cellular-connected devices installed by 2018 and IDCC’s strong patent position within the cellular segment bode well for the company. Even assuming IDCC gets agreements representing 50% of those devices with an average royalty rate of $0.015, this would still yield revenues of approximately $45MM to IDCC.
The analyst also increased his price target to $80 from $73.
Shares of InterDigital Inc. closed at $71.96 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Benchmark Remains Bullish as Marcus Corporation (MCS) Announces Wehrenberg Theaters Acquisition
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesB. Riley
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!