UPDATE: J.P. Morgan Raises The Fresh Market's PT

According to a research report published this morning, J.P. Morgan has increased The Fresh Market's TFM PT from $55 to $61. In the report, J.P. Morgan mentioned, "Following yesterday's earnings, we are reiterating our Overweight rating on The Fresh Market and raising our Dec-12 price target to $61 from $55. TFM's top line and gross margin seem to be gaining momentum, and we have no reason to believe the drivers behind 1Q12's results will not continue in the future. Additionally, since it is still early in the fiscal year, we think management's slightly raised guidance could be conservative, which would make the case for further earnings beats more likely. Though TFM is expensive on nearly every valuation metric, we believe the company's growth potential and recent high-single-digit comps justify the stock's current premium." The Fresh Market closed yesterday at $56.15.