BUZZ-InterDigital hits record high after earnings, outlook

InterDigital IDCC.O shares up 15% to $210.88, on track for biggest daily pct gain since Oct 2022, after hitting record intraday high of $213.37

The provider of wireless and video technologies reported Q4 EPS of that fell short of Street estimate but revenue of $252.8 mln topped $244.2 mln estimate

IDCC forecast Q1 EPS between $1.19 to $1.42 on revenue of $112 to $116 mln vs current estimate of $1.17 per share and $130.5 mln in revenue; FY outlook of $9.69 to $12.92 on revenue of $660 to $760 mln vs EPS estimate of $4.67 and $533 mln in revenue

IDCC also raised its quarterly cash dividend to 60 cents per share from 45 cents per share

Of the 5 analysts that cover IDCC, the breakdown of recommendations are 3 "strong buy" or "buy," 1 "hold" and 1 "sell" or "strong sell" rating

Jefferies analyst Blayne Curtis, who rates IDCC "hold", said in note on Thursday, "Another catchup payment in Q4 with more on the way in 2025, plus we start to get a first peek at progress towards the Streaming opportunity. The consistency of the catchup payments suggests that the valuation should give more credit to the strong pipeline of potential signings over the medium term."

Median price target of $193 is up from $185.50 a month ago