Barclay's said the same thing when they initiated coverage on IDCC on 4-27-11. And when JP Morgan initiated coverage on ACTG on 3-9-11 they said this in the opening of their report:
"Patents, as an asset class, and licensing, as a business model, present attractive long-term investment opportunities. IP stands at the center of innovation and value-creation in the technology industry, globally. Licensing in the US has grown to a ~ $500 billion industry over the last 30 years. IP-intensive technology companies command high valuation multiples, and significant market capitalization."
After years of neglect, it's nice to see the street has finally started to catch on.