UPDATE: J.P. Morgan Lowers PT on Microchip Technology to $29

J.P. Morgan is out with its report today on Microchip Technology MCHP, lowering its PT from $36 to $29. In a note to clients, J.P. Morgan writes, "We are lowering our December 2011 price target from $36.00 to $29.00 or 15X our new C12 EPS estimate, roughly in line with the S&P 500. Due to rich valuation, we remain Neutral." At the time of posting, shares of MCHP closed were trading at $35.58, down 5.07% from Monday's close.