UPDATE: J.P. Morgan Raises PT on Alliance Data to $104

J.P. Morgan is out with its report today on Alliance Data (NYSE: ADS), raising its PT from $98 to $104.

In its report, J.P. Morgan writes, "Alliance Data reports 3Q11 results before the market opens on Oct 20th (JPM/Street at $1.93/$1.90). We expect 3Q upside, driven by improved consumer credit trends/portfolio yields and at least mid-teens core EPS growth guidance for next year. We are trimming FY12 estimates for a higher share count and weaker Canadian dollar and establishing a Dec '12 PT of $104. We remain Neutral, primarily on valuation, as shares have held up well since the start of the most recent market sell-off (July 22nd)."

Shares of ADS closed Monday at $92.67.