InterDigital Inc (IDCC): Interdigital Communications "buy," targe...

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nieves

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Monday, 03/13/2006 10:31:08 AM

Monday, March 13, 2006 10:31:08 AM

Interdigital Communications "buy," target price reduced - update

Monday, March 13, 2006 6:16:41 AM ET
Nollenberger Capital

NEW YORK, March 13 (newratings.com) - Analyst Casey Ryan of Nollenberger Capital reiterates his "buy" rating on Interdigital Communications Corp (IDCC.NAS), while reducing his estimates for the company. The target price has been reduced from $45 to $37.

In a research note published on March 10, the analyst mentions that the company has reported its 4Q05 pro forma revenues and EPS short of the consensus and the estimates. Interdigital Communications’ initiation of a $100 million share repurchase programme indicates that the company is confident about winning the pending legal disputes with Samsung and Nokia, the analyst adds. The EPS estimates for FY06 and FY 07 have been reduced from $1.56 to $1.12 and from $2.24 to $1.86, respectively, to reflect LG Electronics’ revenue recognition policy and revised management guidance.

Daniel Nieves