JPMorgan has raised Neptune Orient Lines (N03.SG) target price to $2.00 from $1.70, keeps rating at Neutral, says Dow Jones.

JPMorgan raises FY 2011 EPS forecasts by about 49% following better-than-expected results on higher freight rates.

Research house notes: “Expects demand to remain robust until end-October but there is little visibility on 2011.” Adds that it expects “the shortage of container boxes to persist until year end which could restrain demand growth and put upward pressure on freight rates.”

Shares price last down 1.5% at $2.03.