UPDATE: J.P. Morgan Raises PT on Visa to $101

J.P. Morgan is out with its report today on Visa V, raising its PT from $89 to $101. In a note to clients, J.P. Morgan writes, "We are increasing our Dec 2011 price target to $101 (from $89), which applies a 17 multiple (up from 15x) to our new CY12E EPS of $5.95. We note our target multiple is a slight premium to our estimated EPS growth rate through CY2013 (16%) and is about in line with its current front-year multiple. We note Visa has historically traded at a 10-20% premium to its forecasted growth rate." J.P. Morgan maintains Overweight on V. At the time of posting, shares of V were trading pre-market at $85.41, down 3.16% from Wednesday's close.