UPDATE: J.P. Morgan Raises PT on LSI to $8.50

J.P. Morgan is out with its report today on LSI LSI, raising its PT from $8.00 to $8.50. In a note to clients, J.P. Morgan writes, "The upbeat 2H outlook drives our estimates higher. We are increasing our C12 non-GAAP EPS to $0.68 (from $0.62). Our Dec-12 PT of $8.50 assumes that LSI should trade at 12.5x our C12 non-GAAP EPS estimate, which is consistent with our estimate for 12.5% topline growth in C12 Similar upside relative to our group keeps us Neutral." At the time of posting, shares of LSI were trading at $7.24, up 12.42% from Wednesday's close.