UPDATE: J.P. Morgan Lowers PT on WuXi PharmaTech to $17

J.P. Morgan is out with its report today on WuXi PharmaTech WX, lowering its PT from $20 to $17. In its report, J.P. Morgan writes, "Establishing 2012 PT of $17, which we believe appropriately reflects near-term uncertainties around pharma R&D allocations. We continue to believe WuXi remains well-positioned to benefit from the secular trend of outsourcing R&D to China. Based on our 2012 non-GAAP EPS projection of $1.25, shares trade at 10.3x 2012 P/E, a 22% discount to the peer group of CROs. Our December 2012 PT is based on a 14x multiple to our 2012 EPS target, in line with the peer average." J.P. Morgan Maintains Overweight on WX. Shares of WX closed Tuesday at $13.01.