J.P. Morgan Lowers PT on FLIR Systems to $37.50

J.P. Morgan is out with its report today on FLIR Systems FLIR, lowering its PT from $38 to $37.50. In a note to clients, J.P. Morgan writes, "FLIR negatively preannounced 2Q results owing to continued weakness in the Government Systems segment. The company will report full 2Q results and updated FY11 guidance on July 22. In hindsight, the preannouncement is not too surprising given a lack of intraquarter contract announcements as well as commentary from several defense industry participants that activity has not picked up as expected following the passage of the FY11 budget. We are adjusting our 2Q estimates accordingly and lowering our GS expectations for FY11 and FY12. With this note, we are introducing ests for FY13 and establishing a December 2012 price target of $37.50 (from Dec. '11 PT of $38.00). Maintain Neutral." At the time of posting, shares of FLIR were trading pre-market at $29.20, down 9.06% from Thursday's close.