Morgan Keegan & Co. analyst Murray Arenson resumed active coverage of Universal Electronics Inc. with an "outperform" rating and a $22 price target, citing the remote-control maker's large patent portfolio and potential for growth. UEI has about 150 million remotes in the field and deals with major MSOs and direct-broadcast satellite companies worldwide. But more impressive is UEI's portfolio of intellectual property, which counts 50 patents issued or pending for remote controls, keyboards and hybrid device technologies, Arenson wrote. "Today, UEI is well-positioned to capitalize on the growth of new consumer-electronics products, such as DVD players and digital set-top boxes," Arenson wrote. "In the future, we expect UEI's business to be driven by developing technology trends like home networking, PDAs [personal digital assistants] and smart phones."