UPDATE: J.P. Morgan Raises CafePress' PT

According to a research report published this morning, J.P. Morgan has increased CafePress'

PT from $22 to $23. In the report, J.P. Morgan said, "CafePress reported a solid first quarter out the gate, beating our estimates on the top and bottom line through a combination of strong customer growth and higher gross margins. The 2Q guide was in line with our prior estimates, but we are lifting our full year projections to reflect accelerating growth in the back half of the year. We remain positive on CafePress and are raising our year-end price target to $23, based on ~8x 2013E EBITDA of $40M." J.P. Morgan maintains its Overweight rating on CafePress, which is currently trading at $16.35.