UPDATE: J.P. Morgan Raises PT on Tupperware Brands to $80

J.P. Morgan is out with its report today on Tupperware Brands TUP, raising its PT from $66 to $80. In a note to clients, J.P. Morgan writes, "We expect underlying LC top line trends for the company to improve as top line comps ease post Q1, from +11% in Q110 to +5%, on average, from Q210-Q410. We are establishing a December 2012 price target of $80, which is based upon a ~13.5x on our 2013 estimate, slightly below its current valuation. Our prior 2011 $66 price target was based on 13x our prior 2012E EPS of $5.07." J.P. Morgan maintains Overweight on TUP. Shares of TUP closed Wednesday at $66.43, up 0.12% from Tuesday's close.