JP Morgan Reports On Outlook For Harman International As VW Deal Nears Close

JP Morgan has published a research report on Harman International HAR after meeting with company management and is raising the price target. In the report, JP Morgan writes "In recent days we spent considerable time with Harman's CEO, CFO, and CTO. In this note we cover key takeaways from our management meetings, F2Q.2011 result views, and estimate tweaks. We raise our Dec 2011 price target to $62 ($52 earlier) by applying an unchanged 14x P/E to our nudged up FY2013e EPS of $4.40. We reiterate our Overweight rating as we think HAR's long-term growth and margin potential are being underestimated, though we recognize the stock's recent leap is likely to limit near-term performance." JP Morgan maintains its Overweight rating and has raised the price target from $52 to $62. Harman International closed yesterday at $49.12.