UPDATE: J.P. Morgan Raises PT on TeleNav to $13 (TNAV)

J.P. Morgan is out with its report today on TeleNav

, raising its PT from $9.50 to $13. In a note to clients, J.P. Morgan writes, "We believe TNAV will resume sequential growth now, and with a moderating decline in gross margins, there is potential for upside to our upwardly revised estimates. Solid execution, ever since the Sprint contract shock in July 2010, warrants a higher multiple in our view. Price Target goes to $13.00. Maintain Neutral; we believe the stock is close to full value." At the time of posting, shares of TNAV were trading at $12.58, up 9.69% from Thursday's close.