J.P. Morgan Upgrades PT On Wright Express To $62, Reiterates Neutral (WXS)

J.P. Morgan upgraded its price target on Wright Express WXS from $55 to $62 in a research report published today, after Wright Express announced better than expected Q1 results. An upgrade in price target was not enough for J.P. Morgan to raise its rating on Wright Express from Neutral as well. In the report, J.P. Morgan states, "WXS delivered what the bulls hoped for - a solid 1Q beat and raise. WXS reported strong 1Q11 results of $0.75, versus JPM/Street at $0.70 and prior guidance of $0.63 - $0.69. Upside versus our model was driven by higher gas prices, a stronger Australian dollar and lower taxes. Given the new baseline, WXS increased FY11 EPS guidance range to $3.40 - $3.60 (from $3.17 - $3.37), well ahead of prior Street estimates ($3.30). We are raising our estimates and our Dec '11 price target to $62 (from $55). We remain Neutral with a positive bias." On Wednesday, Wright Express closed at $55.20.