UPDATE: J.P. Morgan Lowers PT on Sensata from $32 to $31

J.P. Morgan reiterates an Overweight rating on Sensata

and lowered its price target from $32 to $31. J.P. Morgan commented, “We view Sensata as a high quality growth play, with several differentiating factors, including: (1) 7-9% annual content gains, leading to above-average growth and visibility (2) industry leading scale, helping sustain best in class margins, and (3) solid M&A competency, as the company can integrate adjacent technologies and generate attractive returns. Our OW rating is based primarily on these long term dynamics, and the company's ability to drive above average EPS growth through the cycle, warranting a premium valuation to peers” Sensata closed at $26.33 on Wednesday.