UPDATE: J.P. Morgan Lowers PT on Scotts Miracle-Gro to $45

J.P. Morgan is out with its report today on Scotts Miracle-Gro SMG, lowering its PT to $45 from $56. In its report, J.P. Morgan writes, "We lowered our December 2012 price target for SMG shares from $56 to $45. Our $45 price target represents an EV/EBITDA multiple of ~8x based on F2012, which represents a premium to Scotts' peer average of 6.9x for 2011. We believe the premium is justified given Scotts' strong brand and dominant market positions." Shares of SMG closed Monday at $40.41, down 11.86% from Friday's close.