Hilliard Lyons reason for downgrade (Schwab/Briefing.com)
Interdigital Comm 9:38 AM EDT September 7, 2006 Hilliard Lyons downgrades Long-term Buy to Underperform . Hilliard Lyons downgrades IDCC to Underperfrom from Long-Term Buy with a tgt range of $34-$39 based on valuation. The firm says given the dearth of licensing activity since IDCC's 2G and 3G licensing agreement with LG Electronics in January 2006 and the acrimonious Nokia (NOK) and Qualcomm (QCOM) licensing dispute that could have industry-wide implications, they expect IDCC's 3G licensing efforts with the five remaining unlicensed major manufacturers to take longer than they originally anticipated.
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