J.P. Morgan Maintains Its Neutral Rating On GEOY

We maintain our Neutral rating on GeoEye, Inc. GEOY “ahead of 4Q results primarily on valuation,” J.P. Morgan reports.

“While the EnhancedView contract could provide upside to production services revenue near-term, we do not see additional near-term catalysts, and we see gradually-mounting risk associated with the GeoEye-2 satellite preparations,” J.P. Morgan writes.

“The company is trading near our December 2011 price target of $42.50. The company is positioned very well with a long-term perspective, but we believe the stock will perform in-line with the mean of our coverage over the next 6-12 months.”

GeoEye closed Friday at $42.77.