UPDATE: J.P. Morgan Raises PT on Mellanox Technologies to $33

J.P. Morgan is out with its report today on Mellanox Technologies (NASDAQ: MLNX), raising its PT from $31 to $33.

In a note to clients, J.P. Morgan writes, "Our new PT of $33 assumes MLNX should trade at 20x our new 2012 EPS (excl. SBC) estimate of $1.50 per share plus $2.80 net cash per share, or at a premium to the average stock in our universe given the company's revenue/earnings growth trajectory. Our new FY11/12 revenue estimates are now at $259.2M and $323.7M, respectively. Limited upside to our price target keeps us at Neutral."

Shares of MLNX closed Wednesday at $29.01, down 0.17% from Tuesday's close.