Interdigital Communication(IDCC) Message Board

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Technology Stocks : Interdigital Communication(IDCC)

IDCC 394.94

+9.1%

9:30 AM EST

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From: nicmar	7/14/2009 4:47:32 PM
	of 5195

VERSACE: Initiating Coverage on InterDigital (IDCC) Monday, July 13, 2009 posted by cversace • Company revenues are poised to benefit from the ongoing shift to 3G technologies and growing adoption of smartphones as favorable ASPs translate into higher licensing revenues. • Lower operating expenses reflecting the repositioned SlimChip modem business in 1Q09 and reduced litigation costs year-on-year pave the way for higher operating margins in 2H09 and beyond. • Litigation with Nokia is potential catalyst for IDCC shares. A positive ruling on August 14th not only helps convert the largest handset manufacturer as a customer thereby strengthening position against other potential licensees, it also serves to further reduce IDCC’s current exposure to the Japanese handset market. • Solid balance sheet. Despite having bought back 30% of its shares over time, InterDigital still exited the March quarter with $4.20 per share in net cash. Management may utilize this for more share repurchases or other initiatives. • We see modest downside and far more upside in IDCC shares from current levels. Our $30 price target that equates to 19x and 12.5x 2009 and 2010 EPS, respectively. For more information please contact info@think2020research.com think2020research.com

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