UPDATE: J.P. Morgan Lowers PT on Analog Devices to $40

J.P. Morgan is out with its report today on Analog Devices ADI, lowering its PT to $40 from $49. In its report, J.P. Morgan writes, "ADI is trading at 11.4X our new C12 EPS estimate, a ~15% discount to the S&P, and has a 3.2% yield. As a result, we reiterate our Overweight rating. We are lowering our Dec. 2011 target to $40.00, or 14.5X our C12E EPS, a slight premium to the S&P due to margin leverage." At the time of posting, shares of ADI were trading pre-market at $31.16, down 0.61% from Tuesday's close.