Openwave: Wedbush Upgrades; Mobile Data Play

Webush Morgan analyst Scott Sutherland this morning upped his rating on Openwave Systems (OPWV) to Buy from Hold, setting a price target of $2.50. The stock on Monday closed at $1.89.

Sutherland writes that the company “has stabilized internally,” after several years of management turnover and miss-execution. He also says the company “is seeing increased business momentum,” in particular with its mobile gateway products to help carriers manage bandwidth, compress data and provide personalized services.  Sutherland says checks “surprisingly” find renewed interest in the company’s email product from broadband operators.

Not least, he notes that the company has $1.41 a share in net cash, representing a large chunk of the company’s market cap.

OPWV today is up 8 cents, or 4.2%, to $1.97.