UPDATE: J.P. Morgan Color On NATI

J.P. Morgan, which lowered its PT on shares of National Instruments Corporation NATI, is providing some color on the company. “We are adjusting our model for the 3-for-2 stock split,” J.P. Morgan writes. “Given the split, our revised diluted shares outstanding estimate for the March quarter is 118.5 million shares versus 79.4 million shares previously. For the March quarter, our revenue estimate remains unchanged at $239.7 million. Our revised EPS (excl. FAS123R) estimate is $0.29 versus $0.43 previously. “Our gross and operating margin assumptions remain unchanged at 77.9% and 17.7%. Given the 3-for-2 stock split, our revised average diluted shares outstanding estimate for calendar 2011 is 118.7 million shares versus 79.6 million shares previously. For calendar 2011, our revenue estimate remains unchanged at $1.053 billion. “Our revised EPS (excl. FAS123R) estimate is $1.31 versus $1.96 previously. Our gross and operating margin assumptions remain unchanged at 77.7% and 18.5%. Our calendar 2011 and 2012 operating estimates are detailed on the front page table and the summary financial model presented at the very end of this report.” National Instruments Corporation closed Friday at $47.77.