UPDATE: J.P. Morgan Upgrades Rambus from Neutral to Overweight

According to a research report this morning, J.P. Morgan upgrades Rambus RMBS from Neutral to Overweight due to a downside. J.P. Morgan stated, “We think the stock, after falling 41% year to date and trading at trough-level multiples, is now largely derisked. At $4.00-$4.50 we think investors are protected from further downside by the value of SBG contracted revenue (even without renewals) plus cash on hand, or by the firm's SOTP value.” Rambus closed yesterday at $4.47 with a PT of $6.50.