UPDATE: J.P. Morgan Raises PT on Umpqua Holdings to $13.50 (UMPQ)

J.P. Morgan is out with its report today on Umpqua Holdings UMPQ, raising its PT from $13 to $13.50. In a note to clients, J.P. Morgan writes, "UMPQ shares trade at 1.35x TBV, at an 11% discount to peers. Our revised Dec 2011 target of $13.50 assumes the shares trade at 1.54x our YE11E TBV of $8.79, which implies the valuation gap narrows. On a normalized EPS basis (which we view as 2014 earnings power for all of our banks) the shares trade at 8.2x, or a 18% discount to peers. No change to our OW rating." Shares of UMPQ closed Thursday at $11.31.