UPDATE: J.P. Morgan Lowers Price Target on RPM International to $20

According to J.P. Morgan, RPM International RPM price target is lowered to $20. J.P. Morgan said that RPM's F1Q:12 (ended August) consolidated sales grew 10% despite a weak domestic housing market and difficult comparisons in the Industrial division. “We rate RPM Neutral. RPM trades at 7.3x EV/EBITDA based on our F2012 forecast versus 7.4x and 8.4x for competitors VAL and SHW. We introduce a December 2012 price target of $20 based on a 7x multiple of our F2012 forecast.” RPM International closed yesterday at $20.60.