UPDATE: J.P. Morgan Lowers PT on Knight Transportation to $18

J.P. Morgan is out with its report today on Knight Transportation KNX, lowering its PT from $19 to $18. In a note to clients, J.P. Morgan writes, "We are adjusting our December 2011 price target from $19 to $18 due to a reduction in our 2012 EPS forecast from $1.00 to $0.94//share. We continue to use a 19x target P/E multiple on our 2012 estimate to derive our target price." J.P. Morgan maintains Neutral on KNX. At the time of posting, shares of KNX were trading at $15.62, down 2.38% from Wednesday's close.