UPDATE: J.P. Morgan Lowers PT on Hain Celestial Group to $36

J.P. Morgan is out with its report today on Hain Celestial Group HAIN, lowering its PT from $39 to $36. In its report, J.P. Morgan writes, "We reiterate our Overweight rating and introduce a December 2012 price target of $36, following our recent meeting with CEO Irwin Simon. We are incrementally more positive on top-line growth opportunities. We model double digit sales trends continuing into FY12 and FY13, driven largely by ongoing distribution gains in the traditional grocer channel. Given the strong growth opportunities, we continue to find Hain's shares attractive." Shares of HAIN closed Monday at $30.75.