J.P. Morgan Raises PT After Investor Meeting Hosted By Heinz

According to a recent report, J.P. Morgan attended the annual investor day hosted by H.J. Heinz (NYSE: HNZ)yesterday in New York City. The day highlighted an ambitious investment plan for the 2012 fiscal year that is expected to result in a fast growth rate over the next three years. After the meeting, J.P. Morgan increased the price target on HNZ from $54.00 to $60.00.

In the report, J.P. Morgan said, "The payoff comes in fiscal 2013, when earnings were forecast at an above-consensus (BBG) range of $3.60 to $3.70 in constant currency and in an upwardly revised constant currency growth algorithm of 7-10%, a point higher than the previous goal."

H.J. Heinz closed yesterday at $53.82.