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I have looked for stocks with recent broker upgrades and relatively high cash reserves. To determine cash rich stocks, I have used a measure of P/C (Price/Cash). The lower the ratio, the more cash in the company account you are buying.

This list is a quick pick list only, and requires further research into each of the stocks before making an investment decision. However, I believe it can give some food for thought if you are looking for cash rich stocks and recent positive fundamental changes.

1) Cisco Systems, Inc. (NASDAQ:CSCO) designs, manufactures, and sells Internet protocol [IP]-based networking and other products related to the communications and information technology industry worldwide.

On June 19, 2012, Cisco Systems, Inc. was upgraded from Hold to Strong Buy at BMO Capital Markets.

The company has Price/Cash Ratio of 1.82 (cash per share: $9.04, last closing price: $16.48). Other market ratios: P/E Ratio: 12.14, Forward P/E Ratio: 8.63, P/S Ratio: 1.94, P/B Ratio: 1.73, PEG Ratio: 1.24.

The median target price projected by analysts is $21.00, which means 27.4% upside potential from the current price of $16.48.

2) Veeco Instruments Inc. (NASDAQ:VECO), together with its subsidiaries, designs, manufactures, and markets various equipments to make light emitting diodes [LEDS] and hard-disk drives worldwide.

On June 26, 2012, Veeco Instruments Inc. was upgraded from Hold to Buy at Stifel Nicolaus.

The company has Price/Cash Ratio of 2.45 (cash per share: $13.46, last closing price: $32.95). Other market ratios: P/E Ratio: 14.45, Forward P/E Ratio: 15.77, P/S Ratio: 1.48, P/B Ratio: 1.64, PEG Ratio: 1.62.

The median target price projected by analysts is $40.00, which means 21.4% upside potential from the current price of $32.95.

3) NVIDIA Corporation (NASDAQ:NVDA) provides graphics chips for use in smartphones, personal computers [PC], tablets, and professional workstations markets worldwide.

On June 25, 2012, NVIDIA Corporation was upgraded from Hold to Buy at Canaccord Genuity.

The company has Price/Cash Ratio of 2.62 (cash per share: $5.06, last closing price: $13.24). Other market ratios: P/E Ratio: 16.17, Forward P/E Ratio: 14.09, P/S Ratio: 2.07, P/B Ratio: 1.91, PEG Ratio: 1.22.

The median target price projected by analysts is $16.00, which means 20.8% upside potential from the current price of $13.24.

4) NuVasive, Inc. (NASDAQ:NUVA), a medical device company, engages in the design, development, and marketing of minimally disruptive surgical products and procedures for the spine.

On June 21, 2012, NuVasive, Inc. was upgraded from Hold to Strong Buy at Wells Fargo.

The company has Price/Cash Ratio of 2.89 (cash per share: $8.30, last closing price: $24.02). Other market ratios: P/E Ratio: N/A, Forward P/E Ratio: 23.55, P/S Ratio: 1.83, P/B Ratio: 2.03.

The median target price projected by analysts is $25.00, which means 4.1% upside potential from the current price of $24.02.

5) AeroVironment, Inc. (NASDAQ:AVAV) engages in the design, development, production, support, and operation of unmanned aircraft systems, and efficient energy systems for various industries and governmental agencies.

On June 27, 2012, AeroVironment, Inc. was upgraded from Hold to Moderate Buy at Dougherty and Company, LLC.

The company has Price/Cash Ratio of 3.72 (cash per share: $6.98, last closing price: $25.95). Other market ratios: P/E Ratio: 19.08, Forward P/E Ratio: 18.02, P/S Ratio: 1.78, P/B Ratio: 1.93, PEG Ratio: 0.81.

On June 26, 2012, AeroVironment Inc announced that for fiscal 2013, it expects to generate revenue of $348-$370 million and earnings per share (NYSEARCA:EPS) of $1.41-$1.51 on a fully diluted basis.

The median target price projected by analysts is $32.00, which means 23.3% upside potential from the current price of $25.95.

6) Netflix, Inc. (NASDAQ:NFLX) provides Internet subscription services for TV shows and movies in the United States and internationally.

On June 25, 2012, Netflix, Inc. was upgraded from Strong Sell to Hold at Janney Montgomery Scott.

The company has Price/Cash Ratio of 4.65 (cash per share: $14.49, last closing price: $67.36). Other market ratios: P/E Ratio: 22.80, Forward P/E Ratio: 31.77, P/S Ratio: 1.11, P/B Ratio: 5.64, PEG Ratio: 1.21.

The median target price projected by analysts is $95.00, which means 41% upside potential from the current price of $68.49

Comparison Charts

Below is the chart with the stock price changes as a percentage for the selected companies for the last one year period.

(click to enlarge)CSCO Chart

Data by YCharts

Below is the chart showing Cash and Equivalents history change for the selected companies for the last 5 years.

(click to enlarge)CSCO Cash and Equivalents Chart

Data by YCharts

The chart below shows historical current ratio for the selected companies.

(click to enlarge)CSCO Current Ratio Chart

Data by YCharts

Sources: Yahoo Finance, Google Finance, Finviz, YCharts.

Source: 6 Cash Rich Stocks With Recent Upgrades