UPDATE: J.P. Morgan Raises PT on NCR to $21 (NCR)

J.P. Morgan is out with its report today on NCR (NYSE: NCR), raising its PT from $19 to $21.

In a note to clients, J.P. Morgan writes, "NCR reported strong 1Q10 results and raised 2011 guidance, beating our prior forecast and Street consensus. Performance was solid across geographies and newly reported lines of business. We were encouraged by CEO's comments regarding regional bank orders, which were up ~75% in North America y/y (vs. Diebold's reported 30% increase). CEO also noted that there could be a replacement cycle in 2013-14 for the large national banks with gen 2 of deposit automation. Retail is improving, especially internationally. We were also pleased with the slight gross margin and more substantial NPOI margin improvement. DVD kiosk narrative was positive. The new line-of-business reporting structure provides transparency that's been lacking for about 3 years. We are raising our estimates, but maintain Neutral. Our price target goes to $21.00 (previously $19.00)."

At the time of posting, shares of NCR were trading at $19.70, up 1.76% from Thursday's close.