UPDATE: J.P. Morgan Raises PT on Lithia Motors to $23

J.P. Morgan is out with its report today on Lithia Motors LAD, raising its PT from $17.50 to $23. In a note to clients, J.P. Morgan writes, "We raise our 2011e EPS to $1.73, at the upper end of company guidance, and increase outer year EPS by $0.25-0.30. We raise our Dec-2011 price target to $23 (vs. $17.50 earlier), 11x P/E on 2012e EPS, but maintain our Neutral rating primarily on valuation." Shares of LAD closed Wednesday at $21.53.