UPDATE: J.P. Morgan Raising Price Target On Luminex (LMNX)

J.P. Morgan Chase & Co. is raising its price target on shares of Luminex

to $18 from $17, and it has a Neutral rating on shares after it reported earnings. In a note to investors, J.P. Morgan writes, "Luminex delivered strong Q1 results, with revenues and EPS coming in above JPMe and consensus, while reaffirming 2011 revenue guidance and noting that current Q2 consensus revenue estimates of $40.8M are not “unreasonable.” That said, although we are encouraged by the strong sales, healthy consumable growth (+51%) and operating leverage in the quarter, as well as the potential of an additional MAGPIX distributor “in the near future,” we look for better visibility on the sustainability of top-line growth and improving margins as key to a more constructive outlook, in light of the current premium valuation (4.2x EV/sales)." Shares of LMNX gained $1.15 yesterday to close at $19.85, a gain of 6.15%.