UPDATE: J.P. Morgan Lowers PT on OmniVision Technologies to $25

J.P. Morgan is out with its report today on OmniVision Technologies OVTI, lowering its PT from $36.50 to $25.00. In its report, J.P. Morgan writes, "Our December 2012 Price Target goes to $25.00 (from 36.50), based on a revised multiple of 10 times (from 11 times) revised CY13 ex-cash PF EPS of $1.69, adding back ~$8.50 in net cash per share. We reduced the multiple one turn (relative to prior PT) to reflect the loss of share at key customer Apple. We believe this is still a conservative valuation multiple, so more evidence that the firm is developing a sustainable competitive advantage (higher margins, market share gain, BSI product cycle lead) could lead to multiple expansion." J.P. Morgan maintains Overweight on OVTI. At the time of posting, shares of OVTI were trading pre-market at $15.75, down 1.25% from Friday's close.