J.P. Morgan Upgrades PT On General Cable To $50.50, Maintains Neutral (BGC)

J.P. Morgan increased its price target on General Cable BGC from $45 to $50.50 in a research report published today. In the report, J.P. Morgan states this upgrade reflects "expanding valuation multiples for late-cycle industrials and slightly higher '12E EBITDA." An upgrade in price target was not enough to persuade J.P. Morgan to upgrade its rating on General Cable as well. In the report, J.P. Morgan states, "While we continue to see rebounding transmission and distribution cable demand and may have underestimated Electrical Infrastructure demand based on Q1 results, we are maintaining our Neutral rating as we believe the valuation may already reflect a continued improvement in value-add capture which may prove challenging to sustain under the current pricing environment." In yesterday's trading, General Cable's shares lost 2.84% to close the day at $46.54.