UPDATE: J.P. Morgan Raises PT on Cabot to $50 (CBT)

J.P. Morgan is out with its report today on Cabot CBT, raising its PT from $44 to $50. In a note to clients, J.P. Morgan writes, "We raised our December 2011 price target for Cabot from $44.00 to $50.00, which is consistent with the current share price reflecting our earnings adjustments and generally higher equity valuations for cyclical stocks in the market. Our price target is based on a 6.9x EV/EBITDA multiple for 2011E, which is in the range of a comparable peer group average of 5.3-10.0x EV/EBITDA for 2011E." J.P. Morgan maintains Neutral on CBT. Shares of CBT closed Thursday at $46.07, down 2.83% from Wednesday's close.