UPDATE: J.P. Morgan Lowers PT on Whirlpool to $82

J.P. Morgan is out with its report today on Whirlpool WHR, lowering its PT from $90 to $82. In a note to clients, J.P. Morgan writes, "We lower our 2011E and 2012E to $11.90 and $8.80 from $12.05 and $9.30, largely driven by a more conservative margin outlook, as well as our Dec. 2011 price target to $82.00 from $90.00. Our Dec. 2011 price target is based on an 5% discount to WHR's 10-year average forward multiple of 9.8x, which we believe is appropriate given the current more challenging environment. However, we maintain our relative Neutral rating, as we believe valuation, at 8.3x our 2012E, is not expensive, and has begun to reflect some of the company's recent challenges regarding demand and raw materials." Shares of WHR closed Thursday at $72.78.