UPDATE: J.P. Morgan Raises Sensata's PT

According to a research report published this morning, J.P. Morgan has increased Sensata's

PT from $30 to $32. J.P. Morgan commented in the report, "ST posted a slight 1Q beat, with guidance reaffirmed. We continue to see the low end of the range as unlikely and see modest upside under most macro scenarios. But, with valuation where it is and lingering end market uncertainty, investors may prefer to wait for the numbers to come in and get better visibility on 2H dynamics. ST is not a “beat and raise” story, though after a tough 2H11, a turn in the revision cycle should help shares. M&A remains another potential catalyst (it's been 10 months since the last deal). In the end, there is nothing thesis-changing here, and we remain OW." Sensata is currently trading at $31.57.