Cott Corp. has seen its earnings-per-share target upgraded. JP Morgan yesterday raised its fiscal 2004 EPS estimate for the company to US$1.34 from $1.29, citing "continued confidence in the business fundamentals in the remainder of the year."

The investment bank also lifted its 2005 EPS estimate to $1.55 from $1.49, while maintaining its neutral rating for Cott.

In a research note, JP Morgan analyst Dara Mohsenian said: "While we forecast mid-teens long-term EPS growth, we believe strong fundamentals are priced into the stock."

Earlier this week, Cott posted a rise in Q1 profit of 40% to $15.4m, or $0.21 a share, from $10.5m, or $0.15 a share, for the same period last year.