UPDATE: J.P. Morgan Lowers PT on General Cable to $41.50

J.P. Morgan is out with its report today on General Cable (NYSE: BGC), lowering its PT from $50.50 to $41.50.

In its report, J.P. Morgan writes, "BGC trades at a 6.1x EV/EBITDA multiple based on our new 2012 EBITDA forecast of $466M, above the 5.6x peer median but below its own 7.0x historical average. Our new $41.50 Dec. 2012 price target applies the historical average 7.0x multiple to 2012E EBITDA of $466M and implies 12.0x 2012E P/E. Our new target is 26% above the $32.93 closing price for an annualized 17% return which we believe justifies our Neutral rating."

Shares of BGC closed Tuesday at $32.93, down 17.67% from Monday's close.