UPDATE: J.P. Morgan Lowers PT on Moody's to $42

J.P. Morgan is out with its report today on Moody's MCO, lowering its PT from $44 to $42. In its report, J.P. Morgan writes, "Our price target of $42 equates to 17 times our 2012 EPS estimate. (That's down from $44 previously due to the estimate trim.) We think that is warranted due to upward estimate bias, solid pricing power, and room for some margin pivot. That's still below the low-end of its historical range—which seems appropriate given reduced visibility on future trends." J.P. Morgan maintains Overweight on MCO. At the time of posting, shares of MCO were trading at $29.22, down 2.86% from Thursday's close.