J.P. Morgan Raises PT On SRCL To $85

J.P. Morgan discussed Q1 results and outlook on a call after market close yesterday with Stericycle Inc. SRCL. J.P. Morgan is raising its price target from $80 to $85 based upon these results, highlighted in the call, as well as raises in EPS estimates. According to J.P. Morgan, “We are raising our 2011E EPS toward the upper end of new guidance ($2.79-$2.82, up from $2.76-2.80), reflecting recent acquisitions (notably HWS, but also nine other acquisitions of more modest size that closed during the quarter). We're raising our 2012E EPS by a nickel (largely to reflect accretion from HWS), and are accordingly raising our FCF outlook, in-line with guidance ($284-288mm on an adjusted basis).” J.P. Morgan maintains a Neutral rating on the stock. SRCL closed yesterday at $94.29.