Adeia price target raised to $20 from $18 at Rosenblatt

Rosenblatt raised the firm’s price target on Adeia (ADEA) to $20 from $18 and keeps a Buy rating on the shares. Adeia reported a “solid beat” to Q4 estimates and closed a semiconductor hybrid bonding license at the end of the quarter, the analyst tells investors in a research note. The firm sees Adeia’s hybrid bonding intellectual property as “critically important” as the semiconductor industry moves to chiplets to help deliver Moore’s Law type of benefits. This offsets the secular decline in pay TV subscribers, contends Rosenblatt.