J.P. Morgan Raises Target On Resources Global Professionals (RECN)

J.P. Morgan Chase & Co. raised its price target on shares of Resources Connection, Inc. RECN to $18 from $17, but kept its Neutral rating. In the research note sent to investors, J.P. Morgan writes, "While we tweaked our model to reflect the 2QF11 performance, our estimates remain unchanged. We are also raising our Dec '11 price target to $18 (from $17), to reflect RECN's revenue momentum. Although we are constructive on the accounting and financial services sector, we prefer shares of RHI at this juncture." Shares of RECN gained 41 cents yesterday to close at $18.95.