UPDATE: JP Morgan Color on Stillwater Mining PT Decrease

JP Morgan, which lowered its PT on shares of Stillwater Mining Co. SWC, is providing some color on the stock. “Initially we felt a blended valuation of the company could be used which would have yielded a new target price just $5 (the price paid) lower than the previous target,” JP Morgan writes. “However on reflection we felt that the lower palladium exposure required a discount rate reflecting the bigger base metals component to the asset portfolio and the early stage nature of the Altar project. This yields a new target price of $23, and given continuing uncertainties detailed below, we have lowered our rating from Overweight to Neutral.” Stillwater Mining closed Wednesday at $18.19.