UPDATE: J.P. Morgan Lowers PT on Sinclair Broadcast Group to $10

J.P. Morgan is out with its report today on Sinclair Broadcast Group (NASDAQ: SBGI), lowering its PT from $12 to $10.

In its report, J.P. Morgan writes, "The stock has been very soft lately—down 36% since July 1 (v. S&P 500's -11%). Valuation is intriguing, but we think weak local ad trends could temper the shares near-term. Our price target moves to $10 (from $12) due to a lower target multiple to reflect economic uncertainty."

J.P. Morgan maintains Neutral on SBGI.

Shares of SBGI closed Thursday at $7.00.