UPDATE: J.P. Morgan Raises PT on Ashland Following F2013 EPS Report

In a report published Thursday, J.P. Morgan analyst Jeffrey J. Zekauskas reiterated a Neutral rating on Ashland ASH, and raised the price target from $78.00 to $79.00.

In the report, J.P. Morgan noted, “Our F2013 EPS estimate for Ashland of $6.40 compares to the Bloomberg Consensus estimate of $6.55. Our 2014 EPS forecast of $7.00 compares to the Bloomberg Consensus estimate of $7.97. Despite the canyon that separates our 2014 EPS forecast from the Consensus, and the smaller difference for F2013, we are generally comfortable with our estimates following the release of Ashland's May 2013 business trends on June 24. We do not differ with the Consensus as far as 3Q:F13 June EPS estimates. We rate Ashland Neutral for year-ahead performance.”

Ashland closed on Wednesday at $83.85.