InterDigital (IDCC): Raising Estimates On Guidance Boost - B.Riley
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B. Riley analyst, Eric Wold, reiterated his Buy rating on shares of InterDigital Inc. (NASDAQ: IDCC) after the company provided initial Q3 revenue guidance of $200-225MM, which included $80-85MM of recurring revenues. Going into the announcement, RILY’s Q3 recurring revenue estimate of $70.4MM compared to consensus of $78.3MM.
IDCC announced a finalized 3G/4G royalty agreement that included plans to work toward a joint R&D relationship early last week. The analyst believes the balance sheet boost from Huawei’s $200MM advance payment could drive a positive capital return event for shareholders as well as spark remaining OEMs to sign royalty agreements,
For 3Q16, revenue/EPS goes from $70.4MM/$0.29 to $213.0MM/$3.00 and full year 2016 estimates increase from $357.6MM/$3.09 to $500.3MM/$5.81.
Despite the increase in the estimates, there is no increase in the price target of $80.
Shares of InterDigital Inc. closed at $72.30 yesterday.
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