UPDATE: J.P. Morgan Upgrades NCR to Overweight

J.P. Morgan is out with its report today on NCR (NYSE: NCR), upgrading NCR from Neutral to Overweight.

In its report, J.P. Morgan writes, "NCR is trading at just 7.8 times CY12E PF EPS, and a CY12E EV/EBITDA multiple of 3.9x, approximating the trough-level multiples in 2007-2008. The stock is also trading at a discount to its peer group, including DBD (NYSE: DBD), which we view as having weaker overall fundamentals. We think the stock has been largely derisked in the context of a broader sell-off, and we recommend buying here."

J.P. Morgan raises its PT on NCR from $21 to $22.

Shares of NCR closed Wednesday at $16.63, up 4.79% from Tuesday's close.