JP Morgan has initiated coverage of Baltimore Technologies with a buy recommendation on the stock.

The firm believes that Baltimore will emerge as a global leader in the software based public key infrastructure segment of the market this year and is forecasting good growth in its share price over that period. The shares, which are traded on the Nasdaq and in London, are trading near £2.86 sterling (€4.53), with JP Morgan suggesting they have the potential to rise to £4.37 sterling by the year's end.

It states that Baltimore's acquisition of the Content Technologies group will be a key factor in establishing it as a global market leader in policy based content security and that this has largely been overlooked by the market.