UPDATE: J.P. Morgan Adjusts Brinker International EPS; Increase PT

According to a research report this morning, J.P. Morgan increases Brinker International (NYSE: EAT) EPS from $.55 to $.60 and increases PT from $33 to $35 due to impressive F3Q12 results.

J.P. Morgan stated, “EPS upside was primarily driven by a strong 4.5% blended comp, lower than expected COGS and restaurant expenses, and share repurchase, partially offset by $0.05 from G&A due to higher performance-based compensation and $0.03 from labor.”

Brinker International closed yesterday at $30.88. J.P. Morgan maintains its Overweight rating.