UPDATE: J.P. Morgan Upgrades Forest Laboratories to Overweight

J.P. Morgan is out with its report today on Forest Laboratories FRX, upgrading FRX from Neutral to Overweight. In a note to clients, J.P. Morgan writes, "We are upgrading FRX shares to Overweight from Neutral and see an increasingly favorable risk/reward profile for the stock. Our survey on Daliresp suggests a clear role for the product as an add-on therapy in COPD despite relatively modest efficacy. In addition, we see Viibryd contributing meaningfully to Forest over time even with conservative launch assumptions. Beyond these new product launches, Forest's late-stage pipeline is rapidly maturing, with several FDA filings (linaclotide, aclidinium) and several additional pipeline catalysts later this year." J.P. Morgan raises its PT on FRX from $38 to $41. At the time of posting, shares of FRX were trading pre-market at $35.63, up 0.17% from Thursday's close.