UPDATE: J.P. Morgan Raises PT on Emergent BioSolutions to $35

J.P. Morgan is out with its report today on Emergent BioSolutions (NYSE: EBS), raising its PT from $27 to $35.

In a note to clients, J.P. Morgan writes, "We are updating our estimates, raising our Dec 11 PT (to $35 from $27), and reiterating our OW rating on EBS following today's news that the US government issued an RFP for a 5-year procurement contract for the company's anthrax vaccine BioThrax. As outlined in our earlier alert, we see this as a major positive development for the stock. Moreover, we believe significant upside remains despite the fact that shares finished the day 16% higher. This is an off-the-radar (and hence relatively inefficient) name, and we anticipate greater investor appreciation of the value of BioThrax could support a meaningfully higher valuation."

At the time of posting, shares of EBS were trading pre-market at $25.35, up 2.34% from Thursday's close.