UPDATE: J.P. Morgan Raises PT on SodaStream International to $50 (SODA)

J.P. Morgan is out with its report today on SodaStream International SODA, raising its PT from $38 to $50. In a note to clients, J.P. Morgan writes, "We rate SodaStream International Neutral. While the growth profile for SODA is likely the highest of any company in our universe, we think this is reflected in the multiple as the stock is trading at 41x our 2011 estimate. We are raising our December 2011 price target to $50. This is based on our revised 2012 estimate of €1.24 and a spot rate of 1.44 US dollars per euro. This translates to 28x our 2012 estimate, which is slightly below where GMCR GMCR is trading using Bloomberg consensus estimates. We believe that SODA does deserve to trade at a discount to GMCR at this point to its slightly different business model (coffee makers vs. soda maker)." At the time of posting, shares of SODA were trading pre-market at $53.01, down 1.82% from Wednesday's close.