UPDATE: J.P. Morgan Raises Alcoa's PT

According to a research report published earlier today, J.P. Morgan has increased Alcoa's

PT from $13 to $14.50. J.P. Morgan commented in the report, “While we are lowering our 2012E EPS to reflect lower aluminum price forecasts, Alcoa's strong 1Q12 beat in a weak aluminum price environment gives us increasing confidence the company's cost reduction and productivity initiatives are starting to pay off. We are introducing 2013E EPS of $1.20 (based on an aluminum price of $1.13/lb) and raising our price target to $14.50 from $13.00 to reflect these new estimates.” J.P. Morgan maintains its Overweight rating on Alcoa, which closed yesterday at $9.32.