Adeia price target raised to $17 from $15 at Maxim

Maxim raised the firm’s price target on Adeia (ADEA) to $17 from $15 and keeps a Buy rating on the shares. The company reported strong Q4 revenue and cash flows along with diminishing debt levels and robust license signings, the analyst tells investors in a research note. A multiple in-line with its peers is justified with Adeia’s debt balance significantly reduced, and the firm expects multiple expansion from current levels due to strong adjusted EBITDA margins and positive free cash flow, the firm adds.