UPDATE: J.P. Morgan Lowers PT on Westlake Chemical to $49

J.P. Morgan is out with its report today on Westlake Chemical (NYSE: WLK), lowering its PT to $49 from $60.

In its report, J.P. Morgan writes, "We rate Westlake Overweight. WLK trades at 4.2x EV/EBITDA for 2012 versus a peer range of 3.1x-5.3x. Our December 2012 price target of $49 reflects a 5.0x EV/EBITDA multiple, toward the upper end of WLK's peer range."

Shares of WLK closed Thursday at $40.75, up 4.01% from Wednesday's close.