UPDATE: J.P. Morgan Raises PT to $62 on O'Reilly Automotive

A report from J.P. Morgan reiterates its Underweight rating and raises its price target from $55 to $62 on O'Reilly Automotive

. The report states, “While the cyclical element of our original downgrade has been slower to develop given the economy and we find the management team strong, fundamentals in the industry will continue to moderate into '12 and investors appear complacent around CSK expectations and valuation levels. If ORLY is turning into an “AZO” and footage growth is similar, why not value it in-line with its big brother (~14x 2012 calendar EPS)”. ORLY closed yesterday at $69.89.