UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT for Intermolecular

In a report published earlier today, J.P. Morgan & Co. reiterated its Overweight rating for Intermolecular Inc.

but lowered its price target from $17.00 to $12.00. J.P. Morgan went on to say “Intermolecular has pioneered a manufacturing development methodology to shorten research and development cycles and accelerate the introduction of new manufacturing processes to the market, creating significant economic value for the customers and enabling them to gain a competitive edge over their peers. A collaborative customer business model generates revenue through fixed and recurring licensing/royalty revenue streams, and this should drive revenue and EPS growth over the next three years and drive the stock toward our price target.” Intermolecular Inc. closed yesterday at $7.06.