UPDATE: J.P. Morgan Raises PT on Group 1 Automotive to $56

J.P. Morgan is out with its report today on Group 1 Automotive GPI, raising its PT from $48 to $56. In a note to clients, J.P. Morgan writes, "2Q beat coupled with recently announced acquisitions lead us to raise our 2011e EPS to $3.75 (vs. $3.40 earlier), 2012e EPS to $4.30 (vs. $4.00 earlier), and 2013e EPS to $4.75 (vs. $4.50 earlier). We also raise our Dec-2011 end price target to $56 (vs. $48 previously) which we derive based on a 13x P/E multiple applied to our 2012e EPS." J.P. Morgan maintains Overweight on GPI. Shares of GPI closed Tuesday at $49.50, up 16.31% from Monday's close.