Adeia (ADEA) PT Raised to $20 at Rosenblatt

Rosenblatt analyst Kevin Cassidy raised the price target on Adeia (NASDAQ: ADEA) to $20.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: "Adeia turned in a solid beat to 4Q24 estimates. Interesting to us was a relatively fast, 6 months, semiconductor hybrid bonding license closing at the end of the quarter. We see Adeia's hybrid bonding IP as critically important as the semiconductor industry moves to chiplets to help deliver Moore's Law type of benefits. Adeia's non-PayTV revenue increased 18% Y/Y in 2024. This offsets the secular decline in PayTV subscribers. Also, the company's strong cash flow generation has been used to reduce debt ($759mn to sub $487mn in 2 years), repurchase shares and pay a dividend. We are increasing our 12 month price target to $20 from $18."

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