UPDATE: J.P. Morgan Raises PT on Rockwood Holdings to $65

J.P. Morgan is out with its report today on Rockwood Holdings ROC, raising its PT from $55 to $65. In a note to clients, J.P. Morgan writes, "We establish a December 2012E price target of $65 reflecting our revised estimates. Our previous December 2011E price target was $55. Our price target is based on a 6.3x EV/EBITDA multiple based on our 2012 estimates, which compares to a peer group average of 4.4-6.6x EV/EBITDA." J.P. Morgan maintains Neutral on ROC. At the time of posting, shares of ROC were trading pre-market at $59.89, down 1.12% from Wednesday's close.