UPDATE: Lake Street Capital Markets Initiates Coverage on Unwired Planet on Business Reconstitution

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In a report published on Monday, Lake Street Capital Markets analyst Mark Argento initiated coverage on

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Unwired Planet

(NASDAQ: UPIP) with a rating of Buy and a price target of $5. In the report, Lake Street Capital Markets stated, "Over the last 18 months UPIP has shed its operating business, streamlined its costs structure and significantly increased its IP assets under management. In January, UPIP entered into a transformational deal with wireless technology powerhouse Ericsson to manage approximately 10% of Ericsson's IP assets. UPIP now has a massive wireless IP portfolio that we believe is significantly undervalued, largely as a result little visible monetization activity." Unwired Planet closed on Friday at $1.88.