UPDATE: J.P. Morgan Raises PT on Pall Corporation (PLL)

J.P. Morgan is out with its report today on Pall Corporation PLL, raising its PT from $46 to $57.

In a note to clients, J.P. Morgan writes, "We raised our December 2011 price target for PLL shares to $57 versus $46 previously to reflect our higher earnings expectations. Our December 2011 price target for PLL represents an enterprise value-to-EBITDA multiple of 11.5x (previously 10.0x) based on our F2011 EBITDA estimate, and compares to the current peer range of 7.8x-13.7x (an average of 9.9x). We believe that Pall shares could trade at a premium to the peer average over the coming year due to stable growth trends and solid fundamentals."

Shares of PLL closed Friday at 57.02, up 6.20% from Thursday's close.