Immersion (IMMR) PT Raised to $14 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the price target on Immersion (NASDAQ: IMMR) to $14.00 (from $10.00) while maintaining a Buy rating.

The analyst comments "We highlight IMMR’s Q2 results were strong as they recorded higher royalty and license revenues from Samsung. Further, we note the company’s recent investment in BNED (IMMR owns 42%) now flows through to the P/L and we are updating our forward estimates to reflect BNED’s results. We highlight IMMR has unrealized gains of ~$80M from their BNED investment as they own 11M shares at $5 (BNED: $12.24). We highlight IMMR’s June results were made up of ~$52M in royalty and license revenues (Samsung renewal) and ~$47M from BNED, which reflected the period from June 10th to June 30th . We continue to highlight the company’s ability to generate shareholder value with now a consolidated book value of $13.36/sh (including an organic increase of $0.92 sequentially). We continue to believe IMMR can create further value for shareholders as they continue to monitor M&A opportunities with ~$126.5M in cash."

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