UPDATE: J.P. Morgan Raises Lennox International's PT

According to a research report published this morning, J.P. Morgan has increased Lennox International's LII PT from $34 to $42. In the report, J.P. Morgan commented, "Going forward, we acknowledge that many investors will struggle with valuation, but this becomes less relevant near term if end markets are indeed inflecting, as each 1% of sales growth here drives ~5% EPS upside. With the sell-side this negative, (3 buys, 6 holds, 3 sells) we think sentiment will outweigh valuation until we see capitulation in the form of upgrades. In the end, this still comes down to the summer selling season, which looks encouraging as of today, and if fundamentals come through we expect the stock (and estimates) to follow. We raise our ests/PT and remain OW." Lennox International closed yesterday at $42.59.