UPDATE: J.P. Morgan Raising Price Target on AsiaInfo-Linkage

J.P. Morgan Chase & Co. is out with a research report on AsiaInfo-Linkage Inc.

and is raising its price target to $26 from $24, but is keeping its Overweight rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "ASIA has sound fundamentals and a defensive growth profile. It is trading at 2.4std below mean for P/B, 2.5std below for adj. P/E and 2.1std below for GAAP EPS. We reiterate OW and recommend the stock to both long-term investors as well as investors looking for beta plays." Shares of ASIA are up 35 cents today to $8.40, a gain of 4.35%.