UPDATE: JP Morgan Raises PT on Discover Financial to $21 (DFS)

JP Morgan is out with its report today on Discover Financial

, raising its PT from $20 to $21. In a note to clients, JP Morgan writes, "We are maintaining our Neutral rating but raising our December 2011 price target to $21. In our view, while shares of DFS may benefit from tailwinds in the near term, we continue to believe that DFS's current valuation does not support longterm price appreciation." At the time of posting, shares of DFS were trading at $22.81, up 2.52% from Tuesday's close.