UPDATE: J.P. Morgan Raises PT on Catalyst Health Solutions to $60 (CHSI)

J.P. Morgan is out with its report today on Catalyst Health Solutions CHSI, raising its PT from $53 to $60.

In a note to clients, J.P. Morgan writes, "We reiterate our Overweight rating on CHSI. We continue to believe the long term fundamental outlook for CHSI remains strong, based on the company's differentiated business model, which should drive incremental new business wins. Further, the acquisitions of Walgreens Health Initiatives and FutureScripts add a sizeable tailwind to the growth story. We are raising our December 2011 target price to $60 from $53. Our new target price is based on a 22.0x multiple on our unchanged FY12 EPS estimate of $2.73."

Shares of CHSI closed Wednesday at $52.80.