UPDATE: J.P. Morgan Raises PT on Parametric Technology to $29

J.P. Morgan is out with its report today on Parametric Technology PMTC, raising its PT from $24.50 to $29. In a note to clients, J.P. Morgan writes, "We are Overweight on PMTC as we believe the improvement in the PLM business is sustainable and the sequential growth in other areas of the business indicates the turn is coming there, too. That should lead to further revenue strength in 2011 and, combined with improving operating leverage, should take EPS estimates higher. With each quarter of solid results toward the 20% growth goal, we expect the market to reward PMTC with a higher multiple, and the combination of better earnings and a higher multiple should drive earnings outperformance. We are raising our December 2011 price target to $29.50, as we shift valuation to FY12 numbers." Shares of PMTC closed Tuesday at $21.84, down 0.32% from Monday's close.