UPDATE: J.P. Morgan Lowers Price Target on Microsoft to $28

According to J.P. Morgan, Microsoft

price target is lowered to $28. J.P. Morgan said that it is lowering its revenue and EPS estimates for MSFT quite substantially following the release of Gartner's 4Q'11 PC unit shipment forecast. “Our estimates are now among the lowest on the Street, though we expect Consensus numbers will continue to come down as others on the Sell-Side react to the Gartner data.” Microsoft closed yesterday at $25.40.