UPDATE: JP Morgan Downgrades Pall Corporation to Underweight
JP Morgan lowers its rating on Pall Corporation (NYSE: PLL) to Underweight from Neutral as growth rate is slowing in 2012. Price target is $53.
JP Morgan says, "If there were a single message that Pall's management intended to communicate to its investor base in the 2Q:F12 conference call, it was that Pall's rate of volume growth for 2012 was slowing. Sales measured in local currency for the quarter increased 8%: by contrast, orders increased by 3.4%. If Pall thought that its sales growth rate, measured in local currency, was 5-6% earlier, it thought that 4-5% was now more appropriate."
PLL closed at $61.20 a share on Thursday.
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