Bank of America Maintains Neutral, $19.50 PT on Tessera
Bank of America reiterates its Neutral rating and $19.40 price objective on Tessera Technologies, Inc. (NASDAQ: TSRA) as ruling on the Wireless ITC case remained unchanged, maintaining the company's patents were infringed upon.
BofA comments, “According to press reports, the Supreme Court has left unchanged the International Trade Commission's ruling that Qualcomm, Freescale, and STMicroelectronics (the Wireless ITC case) did infringe upon TSRA's patented technology. … In our view, the Supreme Court ruling likely leaves the defendants with limited options and could possibly pave the way for TSRA to restart trial proceedings in federal court where they would have the opportunity to seek monetary damages.”
TSRA closed at $16.37 per share on Monday.
