UPDATE: JP Morgan Raises Price Target on Diebold from $31.50 to $32.50

J.P. Morgan has published a report on Diebold, Incorporated

previewing 2Q11 results. In the report, J.P. Morgan wrote, "We anticipate stable demand in the core financial services segment for DBD. Deposit Automation demand, PCI and ADA compliance and pent-up demand by the regional US banks could present upside, but we maintain our cautious view due to competitive dynamics in Financial Self Service, uncertainty associated with the EMEA business, difficult business conditions in Security, expense driven margin risks, and lengthening sales cycles. We still expect the Financial Services marketplace to become more competitive, worldwide, but especially in North America and Latin America, Diebold's two core markets." J.P. Morgan rated Diebold at Underweight with a price target of $32.50 up from $31.50. Diebold closed Monday at $30.86.