UPDATE: J.P. Morgan Initiates Coverage on EXACTTARGET

According to a research report published this morning, J.P. Morgan has initiated EXACTTARGET

with an Overweight rating and $36 PT. In the report, J.P. Morgan commented, "We believe ET's best-in-class platform in the fast growing areas of e-mail, mobile and social media marketing will continue to drive impressive top-line growth for the foreseeable future. Our $36 price target is based on our discounted cash flow analysis, representing 33% upside to current levels." EXACTTARGET closed yesterday at $27.01.