UPDATE: JP Morgan Upgrades Plantronics to Overweight on Constructive Outlook

JP Morgan raised its rating on Plantronics

from Neutral to Overweight and increased its price target from $39.50 to $41. JP Morgan said, "PLT is down about 8.4% YTD (S&P500 up 11.7%) with which we think risk-reward is favorable and we are upgrading PLT to Overweight from a long-standing Neutral (November 2010). We are also raising estimates owing to our constructive outlook for adoption of UC headsets, higher ASPs for new product releases, and PLT's strong position in the enterprise segment of the headset market, which should protect against margin decline." Plantronics closed at $32.79 on Wednesday.