(ShareCast News) - JPMorgan Cazenove upgraded International Consolidated Airlines Group to 'overweight' from 'neutral' and lifted its price target to €9.55 from €8.50.JPM highlighted IAG's potential to expand profitability beyond the 1-2% unit cost savings discounted in the bank's medium-term estimates.The bank also noted lower susceptibility to the competitive threats faced by its legacy peers and successful inorganic growth and valuation.JPM's target price on IAG implies 21% upside potential.The bank said it remains positively biased towards the higher-growth, lost-cost carriers Ryanair, EasyJet and Wizz, all rated 'overweight', versus the strategically-challenged Air France-KLM and Lufthansa, both rated 'underweight'.As far as the low-cost carriers are concerned, JPM said it expects to see ongoing exploitation of a lower-cost model to deliver outsized growth, the delivery of incremental efficiencies and targeted expansion in faster growing markets.At 1106 BST, IAG shares were up 2.8% at 596p.