UPDATE: Maxim Group Upgrades Vringo to Buy on Search Patent Validity Outlook

Maxim Group raised its rating on Vringo VRNG from Not Rated to Buy with a newly established $6.50 price target per share. Maxim Group noted, "VRNG is an emerging software company with a limited track record and considerable downside if it loses its patent lawsuit against Google (GOOG, $642.82, NR). However, yesterday morning's announcement of a settlement with AOL (AOL, $33.83, NR) on the standalone Advertising.com lawsuit offers confirmation that there is validity to the Vringo/Innovate Protect search patents, in our opinion." Vringo closed at $3.58 on Monday.