UPDATE: J.P. Morgan Raises PT on Men's Wearhouse to $38

J.P. Morgan is out with its report today on Men's Wearhouse MW, raising its PT from $36 to $38. In a note to clients, J.P. Morgan writes, "We recently held meetings in NYC with newly appointed CEO, Doug Ewert and CFO, Neil Davis. While shares have been on a tear the past two months (up 27% vs. the group down 1%) following a tremendous Q1 performance (10% comps and doubling EPS to $0.52) we still feel there is further upside on the horizon, as the company's new merchandising and marketing strategies continue to drive the margin recovery from 5.5% in 2010 to closer to 8-9% by 2012. We are raising estimates ($2.45 in 2012), as well as our price target (to $38) and maintain our OW rating." Shares of MW closed Friday at $34.97, up 3.77% from Thursday's close.