UPDATE: J.P. Morgan Lowers Price Target On Mentor Graphics To $10.50

According to J.P. Morgan, Mentor Graphics MENT price target is lowered to $10.50. J.P. Morgan said that FY12 revenue guidance remains unchanged at $1,004M, and EPS is going up to $1.03 from $1.01. “We believe 2Q upside and better 3Q guide are not completely flowing through to FY12 guidance because of some early renewals this quarter that were planned for later this year, and because of this, variable compensation typically planned for 2H is impacting flowthrough to EPS.” Mentor Graphics closed yesterday at $8.85.