J.P. Morgan Raising Price Target On Bristow Group (BRS)

J.P. Morgan Chase & Co. is raising its price target on Bristow Group Inc. BRS to $49 from $46, and is keeping its Overweight rating on shares. In a note sent to clients, J.P. Morgan writes, "We are raising our FY2011 and FY2012 EPS estimates for BRS to $3.45 (from $3.42) and to $3.83 (from $3.72), respectively to reflect our lower interest expense forecasts following the announcement of the company's intention to redeem its 6.125% notes on December 23. Importantly, we expect BRS to redeem the notes using a combination of its new term loan and revolving credit facility, both of which we anticipate will bear a much lower rate of interest than the 6.125% notes." Shares of BRS gained 8 cents yesterday to close at $45.06.