Stephens lowered the firm’s price target on Adeia (ADEA) to $16 from $17 and keeps an Overweight rating on the shares. The company recently filed a breach-of-contract lawsuit against Shaw Cablesystems and Shaw Satellite in the Southern District of New York, claiming Shaw breached its obligations following its acquisition by Roger Communications (RCI), the analyst tells investors. Stephens believes Shaw is a top-10 customer for the company and is reducing its FY23 and FY24 revenue estimate to reflect the loss of Shaw as a licensee.
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- Adeia Enters into Long-Term IP License Renewal with Samsung for Mobile Devices
- Adeia Files Breach-of-Contract Lawsuit Against Shaw
- Adeia files breach-of-contract lawsuit against Shaw Cablesystems
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