UPDATE: J.P. Morgan Raising Price Target On MasterCard (MA)

J.P. Morgan Chase & Co. is raising its price target on shares of MasterCard MA to $330 from $285, and it has a Overweight rating on shares. In a note to investors, J.P. Morgan writes, "Yesterday, MasterCard reported strong, clean 1Q11 results of $4.29, exceeding JPM/Street estimates of $4.09 on revenue upside. As expected, upside versus our model was primarily driven by stronger volume and transaction growth. We are raising estimates to reflect the beat, improving volume trends, and favorable currency trends. We are increasing our Dec 2011 price target to $330 (from $285) and remain Overweight. We think shares can continue to drift higher in the near term in anticipation of a Durbin delay or a more favorable Fed ruling in late July." Shares of MA closed at $282.38 yesterday.