UPDATE: Bank of America Raises PO to $85 on COPA Holdings

Bank of America reiterates its Buy rating on COPA Holdings (NYSE: CPA) and ups its price objective to $85 from $81 on better RASM-CASM spread.

Bank of America says, "CPA continues to offer a more resilient profile and leading operating margins in the sector, combining valuable pricing power with an effective cost-control strategy. We are updating our model and increasing our PO to U$85 (from U$81), mainly on better RASM-CASM spread than previously forecasted. Our new 2012 EPS is $7.01, versus $6.84 previously."

CPA closed at $68.98 a share yesterday.