UPDATE: J.P. Morgan Raising Price Target on ESCO Technologies

J.P. Morgan Chase & Co. is out with a research report on ESCO Technologies Inc.

and it has a Neutral rating, and it is raising its price target to $43 from $39.50. In a note to clients, J.P. Morgan Chase & Co. writes, "ESE reported strong F4Q results ahead of consensus expectations driven by the Test and Filtration segments. Guidance for FY12 was below expectations and heavily back-end loaded, offset by initial FY13 guidance above expectations. We are increasing our FY13 estimates, but we remain slightly below guidance given the uncertainty of the timing of projects as well as potential macro impacts to the Test and Filtration segments. Our December 2012 price target goes to $43.00 (from $39.50). We maintain our Neutral rating, and believe investors can wait until we are in closer proximity to the FY13 ramp." Shares of ESE lost 45 cents yesterday to close at $30.29.