UPDATE: J.P. Morgan Lowers PT on Kindred Healthcare to $15

J.P. Morgan is out with its report today on KIndred Healthcare KND, lowering its PT to $15 from $30. In its report, J.P. Morgan writes, "We are establishing our December 2012 price target at $15/share, our prior December 2011 price target was $30. Our new price target is based on 6x our revised 2013 EBITDAR estimate as we incorporate a lower EBTIDAR outlook as well as a lower multiple to account for the Medicare pricing uncertainty." J.P. Morgan maintains Overweight on KND. Shares of KND closed Monday at $11.29, down 12.68% from Friday's close.