J.P. Morgan Raises PT on Tyson Foods to $22 (TSN)

J.P. Morgan is out with its report today on Tyson Foods

, raising its PT from $15 to $22. In a note to clients, J.P. Morgan writes, "We are taking our estimates up for TSN (FY11 to $2.07 from $1.44, FY12 to $2.23 from $1.84) and our Dec 11 target price to $22 from $15. Clearly we were too pessimistic on this name as we underestimated both cost savings and savvy hedging practices in the rejuvenated chicken division." J.P. Morgan maintains Neutral on TSN. Shares of TSN are trading pre-market at $18.56, even with Friday's close.