What is wrong with Barclay's?
Their price target is reconciled to a formula which considers the probability of revenue from Samsung, Nokia, Huawei etc. and each of those percentages are in teens, 10% and single digit rates. Therefore assuming that for the entire fiscal 2013 their is, for example a 15% probability that InterDigital will recognize revenue from Nokia in fiscal 2013.
It is obvious they do not understand that the Nokia appeal at CAFC is only on domestic industry and not on claims construction. They have given no consideration to the win by InterDigital and completely ignored what Bill Merritt told them directly in the questions that they specifically asked, Bill said that the success with the Nokia appeal is very important to the negotiations of the deal, that plus what was stated in the 10Q, that NOK is not appealing claims construction definitely warrants a higher probability of success at minimum against Nokia and using past history as Bill said with Samsung, others have settled before with less verification of patent applicability.
Barclay's analysis of InterDigital is losing even more credibility, because it is obvious that they ignore reality and what they are told and instead are waiting to play Monday Morning QB after the game is won. That is not professional analysis and forecasting. They will change after the fact and that is what you get from the Wall Street Journal when you read an article the next morning after the event has happened.
| 
