UPDATE: B. Riley Downgrades InterDigital Inc. (IDCC) to Neutral
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(Updated - September 26, 2016 9:37 AM EDT)
B. Riley downgraded InterDigital Inc. (NASDAQ: IDCC) from Buy to Neutral with a price target of $80 (unchanged). With shares up 60% year-to-date, analyst Eric Wold sees risk/reward as balanced.
"With a 60% YTD move higher for InterDigital (IDCC) shares and each of the two major catalysts we expected playing out positively (finalization of the Huawei royalty agreement and a 50% dividend hike), we believe the risk/reward is balanced with shares only 2% away from our PT. Although we continue to believe Huawei could help drive new royal agreements with other China handset OEMs, we believe this opportunity is, for the most part, reflected in 2017 expectations," said the analyst.
Shares of InterDigital Inc. closed at $78.20 yesterday.
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