UPDATE: J.P. Morgan Lowers PT on Textron to $29

J.P. Morgan is out with its report today on Textron TXT, lowering its PT from $30 to $29. In a note to clients, J.P. Morgan writes, "While doing little to settle the longer term debate around Cessna, the 2Q print was not a step in the wrong direction for the bull case, enough to drive near-term upside versus low expectations. There is still lots of wood to chop in the 2H, and the macro pall needs to lift for meaningful upside from here, but we remain OW and view TXT as a cheap late-cycle end-market leverage play with significant upside in a normal cycle scenario. We base our December 2011 price target of $29 on a P/E multiple, using our 2012 EPS estimate." Shares of TXT closed Wednesday at $24.43, up 10.44% from Tuesday's close.