UPDATE: Bank of America Merrill Lynch Upgrades Mentor Graphics to Buy

Bank of America Merrill Lynch is out with its report today on Mentor Graphics MENT, upgrading MENT to Buy. In a note to clients, Bank of America Merrill Lynch writes, "Mentor Graphics is the third largest provider of electronic design automation software (EDA). The company has carved out a defendable niche for itself as the standard for specific applications. Mentor should benefit from the strong cyclical rebound in EDA and from its exposure to high-growth, non-IC markets." Bank of America Merrill Lynch has a $15 PO on MENT. At the time of posting, shares of MENT were trading pre-market at $12.00, up 3.27% from Monday's close.