J.P. Morgan Suspends Rating On Clorox

J.P. Morgan Chase & Co. is out with a research report on Clorox CLX and is suspending the rating and price target on shares in light of the Carl Icahn bid. In the report, J.P. Morgan writes, "Due to J.P. Morgan's involvement in the proposed acquisition announced on July 15, 2011, we are suspending our rating, price target, and estimates for Clorox (CLX). Our prior rating, price target, and estimates should no longer be relied upon. Investor Carl Icahn sent a letter to Clorox yesterday, outlining a $76.50 bid for the company. He is suggesting a "go shop" period for the company to find strategic buyers. Icahn believes that there would be "numerous superior bids for the company." Since we are restricted on Clorox, we can only report factual details surrounding the deal, with no investment opinion attached."