UPDATE: J.P. Morgan Lowers PT on P.F. Chang's China Bistro to $42

J.P. Morgan is out with its report today on P.F. Chang's China Bistro PFCB, lowering its PT from $45 to $42. In a note to clients, J.P. Morgan writes, "We believe restaurant companies bottom at 5-6x EBITDA, and with these FCF yields, these multiples should support PFCB shares at current levels. We establish a Dec-12 price target of $42 using a 6x multiple on F13E EBITDA (at the low end of the 6-8x, where most casual diners trade)." J.P. Morgan maintains Neutral on PFCB. Shares of PFCB closed Wednesday at $34.50.