UPDATE: J.P. Morgan Raises PT on The Intercontinental Exchange to $144

J.P. Morgan is out with its report today on The Intercontinental Exchange ICE, raising its PT from $142 to $144. In a note to clients, J.P. Morgan writes, "We were restricted on ICE due to J.P. Morgan's involvement in the Deutsche Börse AG/NYSE Euronext transaction announced on February 9, 2011. Now that The Intercontinental Exchange has withdrawn its bid, we are resuming coverage with an Overweight rating (previously Overweight) and a December 2011 price target of $144 (previously a December 2011 price target of $142). We are raising estimates for ICE to account for better than expected results in its 1Q11 results reported on May 4. Our price target change is to account for the slight increase in our estimates." At the time of posting, shares of ICE were trading pre-market at $122.26, down 0.01% from Tuesday's close.