UPDATE: J.P. Morgan Raises PT on Cypress Semiconductor to $12 (CY)

J.P. Morgan is out with its report today on Cypress Semiconductor

, raising its PT from $11 to $12. In a note to clients, J.P. Morgan writes, "CY is trading at 4.2X our C11 sales estimate, the high end of its historical range of 1.0X-5.0X TTM sales. We are increasing our December 2011 price target from $11.00 to $12.00 due to higher EPS. Our blended price target of $12.00 is based: on price to C12 earnings of 14X, in line with the S&P500 ($9.00 stock price) as we expect CY to grow in line with the market, and price to C11 sales of 3.0X, the midpoint of CY's historical range ($15.00 stock price). We remain Underweight." At the time of posting, shares of CY were trading pre-market at $21.45, up 2.48% from Thursday's close.