UPDATE: J.P. Morgan Raising Price Target On Cooper Tire & Rubber (CTB)

J.P. Morgan Chase & Co. is raising its price target on shares of Cooper Tire & Rubber Company CTB to $28 from $24, while keeping its Overweight rating. In a note to investors, J.P. Morgan writes, "We retain our Overweight rating on CTB and revised our Dec-2011 price target to $28 (vs. $24 earlier) which continues to apply a 12x P/E to our 2012e EPS of $2.35. We believe that CTB's volume outperformance vs. industry should sustain given new product launches (Discover, UHP etc.) and potential customer trade down to mid-tier brands amid surging industry tire prices. Near-term earnings pressure, however, cannot be ignored due to elevated natural rubber prices." Shares of CTB gained 46 cents on Friday to close at $23.33, a gain of 2%.