InterDigital price target raised to $220 from $100 at BofA

BofA analyst Tal Liani raised the firm’s price target on InterDigital (IDCC) to $220 from $100 and keeps an Underperform rating on the shares. The firm changed its valuation framework, telling investors that new deals “continue to generate outsized surprises” and the repeated growth outperformance leads the firm to increase its target multiple. However, it believes the company’s ability to “continue reporting such strong surprise quarters is diminishing over time,” adds the analyst.