UPDATE: J.P. Morgan Raises PT on C.R. Bard to $104

J.P. Morgan is out with its report today on C.R. Bard BCR, raising its PT from $97 to $104. In a note to clients, J.P. Morgan writes, "We are raising our December 2011 price target to $104 from $97, with the new target based on 14.5x our CY12 EPS estimate (vs the prior 13.5x multiple). This represents a discount to Bard's current forward earnings multiple of 16-17x but a premium to the large-cap MedTech average forward multiple of 13x, which we believe is justified based on Bard's positioning and longer term growth profile. We are comfortable with the 14.5x multiple based on continued execution, a stabilizing market environment, and our comfort with management's capital allocation strategy. With the shares trading slightly above our target, we assign BCR shares our Neutral rating." Shares of BCR closed Friday at $110.89, up 0.22% from Thursday's close.