UPDATE: J.P. Morgan Downgrades Parker Hannifin to Neutral

J.P. Morgan is out with its report today on Parker Hannifin PH, downgrading PH from Overweight to Neutral. In its report, J.P. Morgan writes, "The stock looks cheap on current valuation (trading at 9.3x on JPMe CY'12 EPS of $7.60); however, absent a reacceleration in ISM, we believe the stock will trade in-line with our coverage universe. As such, we are lowering our rating to Neutral from Overweight, and lowering our price target to $83 from $105." Shares of PH closed Tuesday at $70.88.