UPDATE: J.P. Morgan Lowers PT on Jabil Circuit to $23.50

J.P. Morgan is out with its report today on Jabil Circuit JBL, lowering its PT from $27.50 to $23.50. In a note to clients, J.P. Morgan writes, "Despite posting a dramatic turnaround in revenue growth and profitability during fiscal 2010, and what we see as potential for continued above-peer top-line growth and margins longer term, Jabil trades at a 3.7x enterprise value to 2012E EBITDA, a 43% discount to its historical average and a 21% discount to the 4.7x average for peers. Our new December 2011 price target of $23.50 represents 28% upside potential from the current price and is based on the peer average enterprise value to EBITDA of 4.7x applied to our unchanged calendar 2012 EBITDA estimate of $1,178M, although we would argue Jabil could deserve a premium multiple based on its industry-leading revenue growth and margins." J.P. Morgan maintains Overweight on JBL. Shares of JBL closed Friday at $18.29, down 1.67% from Thursday's close.