JP Morgan Reiterates Overweight on Acacia Research Corp. (ACTG)

JP Morgan is out with its report today on Acacia Research Corp. ACTG, reiterating Overweight. In a note to clients, JP Morgan writes, "Following a brief discussion with ACTG management we are reshaping the revenue forecast for 2011-2012 slightly. Management tone remains constructive, and we sense that there is upside to our broadly unchanged 2011- 2012 forecast, particularly if the firm is able to secure seven planned comprehensive licensing deals in 2011-2012 versus our conservative forecast of just four. Investors should be aware that we are increasing 1Q11 revenue and earnings and reducing 2Q11 revenue and earnings to reflect our understanding of when Samsung-related revenues will be recognized. Price target is unchanged at $39. Reiterate Overweight rating; we view pullbacks as buying opportunities." At the time of posting, shares of ACTG were trading at $32.75, down 1.65% from Tuesday's close.