UPDATE: J.P. Morgan Raises PT on MasterCard to $435

J.P. Morgan is out with its report today on MasterCard (NYSE: MA), raising its PT from $420 to $435.

In its report, J.P. Morgan writes, "We are raising our estimates again for the beat and our Dec '12 PT to $435 (from $420) and find the valuation attractive relative to growth, acknowledging built-in deceleration from 3Q."

J.P. Morgan maintains Overweight on MA.

At the time of posting, shares of MA were trading pre-market at $359.00, up 0.37% from Wednesday's close.