UPDATE: J.P. Morgan Upgrades Westport Innovations

According to a research report published this morning, J.P. Morgan has upgraded Westport Innovations WPRT from Underweight to Neutral. In the report, J.P. Morgan commented, "Overall, we continue to view WPRT cautiously; we note several ongoing risks such as longer-than-expected payback periods, lack of infrastructure development, new competition, and market ramp and growth risks in both NA and China. That said, better-than-expected performance from the CNG market or a new product or alliance announcement could provide near-term upside to WPRT's stock price, as recent history has shown. We anticipate continued stock price volatility going forward. We plan to revisit our valuation after Q1'12 earnings (scheduled for May 8, after market close)." J.P. Morgan maintains its $29 PT on Westport Innovations, which closed yesterday at $29.56.