False. LDS baptisms are done "in the name of the Father, and of the Son, and of the Holy Ghost." (D&C 20:7374)
That is not the reason the Catholic Church doesn't recognize LDS baptisms.
As stated before the Catholic Church doesn't recognize many baptisms (not just LDS) just the same as some denominations (not just LDS) don't recognize Catholic baptisms.
The reason comes down to a significant difference in the way we understand the Trinity. Hence --- as I said before ---the Catholic Church recognizes practically all Christian baptisms, except for Mormon.
Note that no matter how hard Joseph Smith tried to escape the trinity, it still crept in to his "revelations." (especially earlier ones in Book of Mormon & earlier D&C ones). Note that Smith didn't say: "nameS of the Father, and of the Son, and of the Holy Ghost," but rather "NAME" (singular).