UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Pall Corporation

In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating on Pall Corporation

, and raised its price target from $55.00 to $60.00. J.P. Morgan noted, “Pall appears to be turning the corner after struggling with operating issues, which ranged from misplaced sales incentives to start-up difficulties in Pall's ERP system for the Americas. In Q4:F12 (ended July 2012) the company has mostly caught up with the deferred shipments. It also launched a large and costly restructuring effort to remove stranded costs from operations following the divestiture of the Blood business. We maintain our F2013 projection of $3.10, and we lower our F2014 EPS forecast from $3.85 to $3.70 to reflect a slower rate of demand recovery. Our price target of $60 for December 2013 reflects an 11x multiple of 2013 EBITDA.” Pall Corporation closed on Thursday at $62.80.