UPDATE: J.P. Morgan Lowers PT on Casella Waste Systems to $6.50

J.P. Morgan is out with its report today on Casella Waste Systems CWST, lowering its PT from $8.00 to $6.50. In a note to clients, J.P. Morgan writes, "CWST shares trade at a calendar 2012E EV/EBITDA of 5.9x, a 17% discount to the peer group. We are lowering our December 2011 price target to $6.50 (down from $8.00 due to lowered C2012 EBITDA estimate), which is based on a 6.0x multiple on our C2012 EBITDA forecast." J.P. Morgan maintains Neutral on CWST. Shares of CWST closed Thursday at $5.56, down 4.47% from Wednesday's close.