JP Morgan Raises IRBT PT To $43

JP Morgan has issued a report raising the Price Target on iRobot Corporation IRBT from $38 to $43. According to JP Morgan, "Although recent commentary from other companies exposed to DoD spending has been subpar, IRBT announced $29mm in new orders during the quarter, which should improve near-term visibility into the G&I segment. We believe that this visibility, along with what we expect to be another solid quarter in the home robot segment, is likely to allow IRBT to increase its FY11 guidance or narrow towards the top-end of the range." IRBT has an Overweight Rating and closed at $34.34 a share yesterday.