UPDATE: J.P. Morgan Upgrades Valspar to Overweight

J.P. Morgan is out with its report today on Valspar (NYSE: VAL), upgrading VAL to Overweight from Neutral.

In its report, J.P. Morgan writes, "We upgrade our investment rating for Valspar from Neutral to Overweight. Valspar is an excellent company now available at an attractive price. Assuming 12% EPS growth in F2012, VAL trades at a 10.1x P/E multiple and a 6.5x EV/EBITDA multiple, and at a 1.4x EBITDA multiple discount to SHW (NYSE: SHW) compared to a historical discount of a half multiple point."

J.P. Morgan lowers PT on VAL to $33 from $38.

Shares of VAL closed Thursday at $28.81, up 4.42% from Wednesday's close.