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UPDATE: J.P. Morgan Raises URS' PT

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According to a research report published this morning, J.P. Morgan has increased URS' (NYSE: URS) PT from $48.50 to $49.

In the report, J.P. Morgan said, "Following last week's closing of the acquisition of Flint Energy Services, we're adjusting our estimates to include the transaction, which increases URS's exposure to growth in the North American energy markets. Upon announcing the deal's closing, URS affirmed that the deal will be accretive to GAAP EPS in 2012 (though magnitude will depend on deal accounting), and expressed encouragement regarding Flint's stand-alone Q1 results. Our pro forma estimates are slightly above consensus (which only partly reflects Flint) and include $0.20 of EPS accretion in 2012."

J.P. Morgan maintains its Neutral rating on URS, which is currently trading at $36.99.

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