UPDATE: J.P. Morgan Lowers PT on Accenture to $61

J.P. Morgan is out with its report today on Accenture ACN, lowering its PT from $63 to $61. In a note to clients, J.P. Morgan writes, "We are decreasing our Dec'11 end price target from $63 to $61 as we use a slightly lower multiple. Our ACN price target of $61 applies a 16x multiple to our CY12E EPS of $3.83. ACN is currently trading at 16x our CY11E EPS while peers are trading at 19x. Over the last year, ACN has traded at a -15% discount relative to its peers on NTM P/E. We estimate ACN earnings will grow at 14.6% over the next three years (2010-13) and our price target implies a 9.8% premium to the earnings CAGR." J.P. Morgan maintains Overweight on ACN. Shares of ACN closed Monday at $53.96, up 0.02% from Friday's close.