Piper Jaffray Assumes Tessera Technologies (TSRA) with a Buy
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Piper Jaffray assumes coverage of Tessera Technologies (NASDAQ: TSRA) with a Buy rating and a $33 price target.
The firm said, "In conjunction with its Wireless ITC action, the initial ruling of the US patent office was to reject certain patent claims. If this ruling were to stand it would have a significant negative impact on the company's business model. However, given the numerous prior favorable rulings, we believe that it is likely that TSRA's patent claims will be upheld. In our view, the biggest question that remains is when uncertainty will be lifted."
Overall, Piper analysts believe TSRA deserves and earnings multiple similar to the other IP companies. However, Piper has assigned a discount to TSRA’s earnings until the uncertainty surrounding the litigation is lifted.
Tessera Technologies develops and licenses packaging technology for semiconductors and micro-optics.
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