UPDATE: JP Morgan Raises PT to $45 on Verizon Communication on Better Wireless Margins

JP Morgan reiterates its Neutral rating on Verizon Communications

and raises its price target from $41 to $45. JP Morgan notes, "Our 2Q12 wireless margin estimate increases from 46.8% to 47.8%. We also lower our wireline margin estimate for 2012 from 23.5% to 23.3% given no labor agreement. Our EPS estimate remains $0.64 for 2Q12 and $2.54 for 2012, and 2013 is now $2.87. We increase our DFC-based Dec-12 target price on Verizon from $41 to $45, as we raise our perpetual growth rate assumption from 0.5% to 1%." VZ closed at $44.95 on Tuesday.