UPDATE: J.P. Morgan Initiates Coverage on Annie's

According to a research report published this morning, J.P. Morgan has initiated coverage on Annie's BNNY with an Overweight rating and $52 PT. In the report, J.P. Morgan said, "We hold a highly constructive view on fundamentals, as we think BNNY possesses more growth drivers than any other company in our 25-stock coverage universe. Indeed, we believe EPS could more than triple over the next five years. As for the multiple, under no circumstances would we say the 48.4x P/E is cheap. But we have few reasons to expect it to fall, and we think the valuation will be supported by EPS growth, scarcity value in the shares, and the potential for BNNY to be acquired." Annie's closed Friday at $37.02.