UPDATE: Sterne Agee Upgrades Rubicon to Buy, Raises PT to $9

Sterne Agee raises its rating on Rubicon Technology RBCN to Neutral from Underperform and raises its price target to $9 from $6 as it sees limited downside on the stock given that it is down more than 55% on the year start. Sterne Agee says, “Although we are still concerned with near- and long-term fundamentals, with the stock down more than 55% since the beginning of the year and at tangible book value per share of $10, we see limited downside. … Given that the current downturn was driven primarily by a pullback in demand and to a lesser degree by incremental supply from new entrants, a snap-back in demand could quickly drive pricing and margins higher.” RBCN closed at $10.14 per share on Friday.