UPDATE: J.P. Morgan Lowers PT on Amphenol to $56.50

J.P. Morgan is out with its report today on Amphenol APH, lowering its PT from $59.50 to $56.50. In a note to clients, J.P. Morgan writes, "We calculate Amphenol's average forward EV / EBITDA multiple has been 10.8x over the last five years. We recognize the current valuation gap is substantial and already assumes more stable Amphenol results. However, we also recognize Amphenol has a strong track record and attractive end-market exposure. Hence, we rate APH shares Neutral and are applying the historical average 10.8x multiple to our 2012 EBITDA forecast to derive our $56.50 December 2012 price target. Our prior $59.50 target was based on an 11.0x multiple and a higher 2012 EBITDA forecast of $976M." Shares of APH closed Wednesday at $50.15, down 2.96% from Tuesday's close.