UPDATE: J.P. Morgan Raises PT on Constellation Brands to $22

J.P. Morgan is out with its report today on Constellation Brands (NYSE: STZ), raising its PT from $21 to $22.

In its report, J.P. Morgan writes, "We rate STZ Neutral at 10.3x our NTM estimates. While valuation relative to its peers has come in, we need to get some comfort that STZ can improve its depletion trends before we get more interested. Our price target for December 2012 is $22. This represents 10x our calendar 2013 estimate, which is similar to its current multiple and in-line with its historical average."

Shares of STZ closed Thursday at $20.40, up 8.97% from Wednesday's close.