UPDATE: J.P. Morgan Downgrades CNinsure to Underweight (CISG)

J.P. Morgan is out with its report today on CNinsure CISG, downgrading shares of CISG from Neutral to Underweight. In a note to clients, J.P. Morgan writes, "We cut our 2012E/2013E earnings forecast by 25%/32% on the loss of revenue from Datong and higher expenses, ahead of the analyst briefing on Monday night. We downgrade from Neutral to Underweight and cut our Dec-11 PT to US$12 per ADS. While our PT offers limited downside from the current share price, we expect the share price to remain depressed given uncertainties in its business direction." At the time of posting, shares of CISG were trading pre-market at $13.30, down 1.77% from Friday's close.