UPDATE: J.P. Morgan Downgrades H.J. Heinz; Lowers PT

According to a research report published this morning, J.P. Morgan has downgraded H.J. Heinz HNZ from Overweight to Neutral, and lowered PT from $59 to $56. In the report, J.P. Morgan mentioned, "Though the overall story remains solid and Heinz has better upside potential in emerging markets than most companies we cover, we now see limited upside to both our earnings estimates and the valuation multiple. At the same time, we see limited downside as well, with the company's healthy dividend and free cash yields likely to provide support. We still think Heinz has numerous positive qualities as a company and we respect management's openness and thoroughness at yesterday's investor day. So for investors seeking a high quality stream of dividend income, Heinz remains a quality choice. We merely see insufficient growth opportunities at the moment to warrant a more constructive outlook." H.J. Heinz closed yesterday at $53.55.