UPDATE: J.P. Morgan Raises PT on Nu Skin Enterprises to $48

J.P. Morgan is out with its report today on Nu Skin Enterprises NUS, raising its PT from $37 to $48. In its report, J.P. Morgan writes, "We rate NUS Overweight. We think valuation is compelling with NUS currently trading at about 14.4x our revised FY12 estimate, which is below their five-year historical average of about 15x. We think that as we move through the back half of the year and FY11 and FY12 estimates move higher, in addition to the company returning cash to shareholders, that valuation will continue to move up. We are establishing a December 2012 price target of $48, which is based off of about 15.2x our 2013 estimate." Shares of NUS closed Tuesday at $40.54.