UPDATE: J.P. Morgan Upgrades Whole Foods Market; Raises PT

According to a research report published this morning, J.P. Morgan has upgraded Whole Foods Market WFM from Neutral to Overweight, and raised PT from $77 to $105. In the report, J.P. Morgan said, "We are upgrading the WFM shares to Overweight from Neutral as we see further earnings beats ahead. We boost FY12E EPS to $2.48 from $2.33 and FY13E EPS to $2.86 from $2.59. Our December 2012 price target goes to $105 from $77 to reflect not only our higher estimates but also the stock's improved valuation since we last published. This implies 16% stock upside over the next eight months. We previously underestimated WFM's earnings power and it is becoming clearer, in our view, that as a company Whole Foods is firing on all cylinders and probably will continue to do so barring a macroeconomic downturn." Whole Foods Market closed yesterday at $90.69.