J.P. Morgan Overweight On Dril-Quip, Inc.

J.P. Morgan Chase & Co. is lowering its price target to $80 on shares of Dril-Quip, Inc. DRQ, but is keeping its Overweight rating on shares. In a note to clients, J.P. Morgan writes, "After reviewing our model and adjusting for market changes, we have trimmed both our 2011 and 2012 estimates and taken our price target down to $80. While there isn't a ton of valuation upside, three reasons to stay Overweight: 1) Gulf of Mexico recovery is a potential catalyst, 2) book/bill ratio continues to move higher, and 3) potential to unlock strategic value likely will keep multiples high." Shares of DRQ gained 20 cents on Friday to close at $73.77, a gain of 0.27%.