UPDATE: J.P. Morgan Raises PT on Texas Instruments to $35

J.P. Morgan is out with its report today on Texas Instruments

, raising its PT from $30 to $35. In its report, J.P. Morgan writes, "We are reiterating our Overweight rating on TXN as we expect the NSM acquisition to drive earnings growth throughout 2012. We are establishing our December 2012 price target of $35.00, or 16X C12E EPS exacquisition charges, near the mid point of its historic range, and slightly above the S&P multiple of 14.5X due to depressed earnings." At the time of posting, shares of TXN were trading at $31.29, down 1.26% from Monday's close.