UPDATE: JP Morgan Downgrades Luminex to Underweight

JP Morgan has downgraded Luminex LMNX from Neutral to Underweight and maintains its $18 price target in a research report published today. In the report, JP Morgan writies, "Given management 3Q commentary for more modest consumable growth in 2012, which was a significant source of top-line and margin growth in 1H11, we believe it is prudent to take a cautious stance on the stock, in light of difficult comps, premium valuation, and challenging end-markets. While we expect royalty and assay growth to remain strong for 2012, we believe that sustainable consumable growth (and/or much higher profitability for assays) will be necessary to support the current premium valuation, and are thus downgrading our rating to Underweight, while maintaining our December 2012 price target of $18." Shares of Luminex are trading at $20.09, down 1.90% from yesterday's close.