J.P. Morgan Raises NATI Target From $38 To $42; Rating Upgraded To OW

J.P. Morgan is assuming lead analyst coverage of National Instruments Corp. (NASDAQ: NATI) and upgrading it to Overweight (from Neutral).

“We believe the prospects of a reacceleration in global production trends likely drive shares of NI and the T&M (Test & Measurement) group higher in 2011,” J.P. Morgan writes. “Despite the recent run in the stock, we believe there is further upside.”

J.P. Morgan added that it is raising its Dec-11 price target to $42 from $38.

National Instruments currently trades at $37.63.