UPDATE: J.P. Morgan Raises PT to $50 on Acacia Research

A report from J.P. Morgan reiterates its Overweight rating and raises its price target from $48 to $50 on Acacia Research ACTG. The report states, “ACTG reported solid 3Q results well ahead of expectations as the company continues to benefit from increasing revenue per patent portfolio. Management narrative remains constructive regarding growth prospects, and we sense ACTG has sizable near-term licensing opportunities ahead, specifically relating to Apple, HTC and other participants in the smartphone market”. ACTG closed yesterday at $36.81.