Tessera Technologies (NASDAQ: TSRA) is
a leading provider of miniaturization technologies for the electronics industry. The firm develops and licenses a range of advanced chip packaging, interconnect, and optics solutions for the consumer, computing, communications, medical and defense electronics markets.
There was good news for Tessera investors late last month, when the U.S. International Trade Commission overturned a stay on a company patent infringement case against Motorola (NYSE: MOT), Qualcomm (NYSE: QCOM) and others. Tessera collects royalties on its chip packaging technologies from such companies as Intel (NASDAQ: INTC) and Sony (NYSE: SNE), but the defendants in this case have refused to pay the same. The case may now proceed, but an out-of-court settlement is possible. Tessera came to such an agreement in 2002, for example, with current customer Texas Instruments (NYSE: TXN). TSRA shares fell sharply in late February, when the stay was originally announced. Once it was lifted, Davenport upgraded the stock to "strong buy" status and declared a $35 price target.
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