UPDATE: J.P. Morgan Raises PT on World Fuel Services Corp to $42 (INT)

J.P. Morgan is out with its report on World Fuel Services Corp INT, raising its price target from $35 to $42. In a note to clients, J.P. Morgan writes, "INT posted 4Q10 EPS of $0.56, coming in ahead of our $0.50 estimate and the average Street forecast of $0.49. Higher-than-expected gross profit at each of the 3 core segments drove much of the upside, offsetting slightly higher costs than we forecasted. We are raising our 2011 EPS estimate to reflect 3 acquisitions that INT has announced since mid-December (one of which has closed; the other two will likely close shortly), each of which is expected to be immediately accretive. In addition, we are introducing our quarterly 2011 and full-year 2012 EPS estimates in this note. Finally, we are raising our December 2011 price target to $42 (from $35) to reflect our new forecasts, and we reiterate our Overweight rating on INT." At the time of posting, shares of INT were trading at $41.45, up 8.85% from Thursday's close.