The firm also upped its price target to $105 from $85 on shares of the Glenview, IL-based pediatric nutrition company.
JPMorgan believes the company's long-term margins will increase faster and higher than Wall Street's expectations, the Fly noted.
Mead Johnson is scheduled to post its 2016 second quarter results before Thursday's market open. The firm recommends using any weakness from the report as a buying opportunity.
But the upgrade is not a call on the quarter, JPMorgan said.
Shares of Mead Johnson closed higher by 0.8% to $93 on Tuesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance.
But the team also finds weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MJN