UPDATE: J.P. Morgan Raises PT on Cypress Semiconductor to $13

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

, raising its PT from $12 to $13. In a note to clients, J.P. Morgan writes, "Yesterday, Cypress reported 2Q11 results above our estimate and Consensus due mostly to a lower than expected tax rate, and guided 3Q11 above normal seasonality. We continue to believe the stock is too expensive at its current valuation of 4.0X our C11 sales estimate, towards the higher end of its historical range, and 32X our C12 EPS estimate, above its peers. As a result, we remain Underweight." At the time of posting, shares of CY were trading pre-market at $21.20, up 0.76% from Thursday's close.