UPDATE: Dawson James Securities Initiates Coverage on Vringo on Revved-Up (I/P) Engine

In a report published Thursday, Dawson James Securities analyst Robert M. Wasserman initiated coverage on Vringo (NASDAQ: VRNG) with a Buy rating and $5.25 price target.

In the report, Dawson James Securities noted, “Vringo has accomplished a significant amount since completing its merger with IP firm Innovate/Protect (now I/P Engine), including bolstering its balance sheet through two registered direct offerings, up listing its stock to NASDAQ Capital Markets, signing a license and settlement agreement shortly after one patent litigation lawsuit action was filed, winning a jury verdict in another large patent litigation case against multiple defendants, filing patent litigation against one large multinational in multiple international jurisdictions and against another similar multinational in one jurisdiction (with more possibly to come), and filing another patent litigation in an entirely new technology area just last quarter. Still, possibly due to the relative newness to investors of the Company's story and its stock, VRNG shares have underperformed the rest of the market and many of its peers in the intellectual property monetization space, and thus VRNG shares continue to be valued at a discount to others in its peer group related to average market capitalization and enterprise value. Thus we are initiating coverage on VRNG shares with a BUY rating and 12-18 month price target of $5.25 per share.”

Vringo closed on Wednesday at $2.78.