UPDATE: J.P. Morgan Raises PT on Lear to $70 (LEA)

J.P. Morgan is out with its report today on Lear LEA, raising its PT from $67.50 to $70. In a note to clients, J.P. Morgan writes, "Following LEA's solid 1Q results, we raise our 2011e Core Operating Income estimate (COI/EBIT) to $740MM (vs. $730MM earlier and at the high end of LEA's unchanged 2011 guidance range of $700-$740MM) and 2012e to $875MM (vs. $865MM earlier). We remain Neutral on the name primarily on valuation, but with a positive bias due to LEA's seemingly undervalued cash balance and continued conservative 2011 guidance. Our new Dec-11 price target of $70 (vs. $67.50 adjusted for 2-for-1 stock split), is based on a 4.5x EV/EBITDA on 2012e EBITDA." Shares of LEA closed Friday at $51.14, up 2.61% from Thursday's close.