UPDATE: J.P. Morgan Lowers PT on Staples to $20

J.P. Morgan is out with its report today on Staples SPLS, lowering its PT to $20 from $22. In its report, J.P. Morgan writes, "Our Dec 2011 price target of $20 (previously $22) is based on ~13x PE on our 2012 forecasts, which represents a discount to its historical FY2 average of 16x. We believe this valuation is justified given the relatively lower growth profile, secular pressures facing the industry, and the troubles facing its international division. However, we still believe there is potential upside to our multiple and earnings estimates in a more robust macro recovery given the depressed nature of sales and earnings and leverage in the model – the double threat for stock price performance." At the time of posting, shares of SPLS were trading pre-market at $13.20, up 0.76% from Tuesday's close.