Adeia (ADEA) PT Raised to $30 at Rosenblatt

Rosenblatt analyst Kevin Cassidy raised the price target on Adeia (NASDAQ: ADEA) to $30.00 (from $20.00) while maintaining a Buy rating.

The analyst comments "Adeia delivered record quarterly revenue and profits through successfully defending its patent suit with Disney. This drove record annual revenue and profits in 2025. The 2026 revenue guidance mid-point suggest ~15% Y/Y growth when excluding the nonrecurring payment from the Disney suit. Very importantly, Pay-TV revenue is expected to be 35%-40% of 2026 revenue. This is down from ~60% in previous years. The declining number of Pay-TV subscribers has been a headwind to growth. We see this headwind now subsiding along with expanding IP opportunities in both Media and Semiconductors. As the company's FCF has been improving, management continues to reduce debt, repurchase shares, support a dividend and make acquisitions. We are increasing our 12-month price target to $30 from $20."

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