UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Sensata Technologies Holding

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Sensata Technologies Holding ST, and raised its price target from $32.00 to $35.00. J.P. Morgan noted, “Sensata looks attractive into 2013 with an unusual combination of de-risked Street estimates (last cut in), company-specific margin levers, potential M&A catalysts, leverage to an improving macro, and longer term secular growth characteristics. With understandable skepticism around the business model after this year's miss, we think next year is the opportunity for ST to prove the 15%+ EPS growth model and re-assert itself as a premium GARP story. We raise our PT and remain OW.” Sensata Technologies Holding closed on Tuesday at $31.87.