UPDATE: J.P. Morgan Lowers PT on Abacus Property Group from A$2.29 to A$2.25

J.P. Morgan has published a research report on Abacus Property Group ABP lowering the price target. In the report, J.P. Morgan wrote, "We forecast Underlying Profit of A$77.5m or 20.9¢pu, ~3% above consensus. ABP delivered 2H DPU of 8.25¢ as guided to in February this year. We forecast FY12 EPS to decrease by 12.7% due mainly to the large $15m profit on the sale of 343 George St in 2H11. However, we forecast the current DPU of 16.5¢ pa is maintained over FY12." J.P. Morgan rated Abacus an Underweight with a price target lowered from A$2.29 to A$2.25. Abacus Property Group closed Wednesday at A$1.96.