UPDATE: J.P. Morgan Downgrades Jacobs Engineering

According to a research report published this morning, J.P. Morgan has downgraded Jacobs Engineering

from Overweight to Neutral. J.P. Morgan commented in the report, “JEC stock has modestly outperformed over the past six months, and has regained its premium multiple, fueled perhaps by optimism regarding its ability to achieve mid-teens EPS growth a bit earlier than some had expected. JEC's mix includes exposure to a number of strong markets (oil sands, chemicals, mining), but also several muted (primarily public-sector) ones, which could cause its growth to trail other names within our expanded E&C universe. We see further upside as modest relative to peers, and therefore downgrade to Neutral from Overweight.” J.P. Morgan maintain its $52.50 PT on Jacobs Engineering, which closed yesterday at $43.02.