UPDATE: J.P. Morgan Lowers PT on Harman International to $50

J.P. Morgan is out with its report today on Harman International HAR, lowering its PT to $50 from $52. In its report, J.P. Morgan writes, "Our Dec-2011 HAR price target of $50 (vs. $52 previously) applies a 14x P/E to our revised FY2013 EPS estimates. Currently, the stock trades at a 9.4x multiple on 2013 EPS. We think our target multiple, which is higher than what we use for the average auto supplier (10-13x), is appropriate as the company has historically commanded a premium (17x) given its higher growth prospects (HAR shares also averaged 20-30x P/E during the 2003-2007 time period, marked by high growth)." J.P. Morgan maintains Overweight on HAR. Shares of HAR closed Friday at $33.26, up 3.97% from Thursday's close.