UPDATE: J.P. Morgan Downgrades Hess; Lowers PT

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

from Overweight to Neutral, and lowered PT from $89 to $68. In the report, J.P. Morgan commented, "Although our reduced YE2012 price target of $68/share still suggests 33% potential upside, we do not believe valuation alone will be sufficient to serve as a catalyst. We believe marginal capital may well wait for increased certainty on 2012 production—especially in the Bakken—and the outlook for capital spending. With updates not anticipated until July's mid-year conference call, we believe there could be several months of lackluster share price performance as investors look for confirmation on the near-term outlook and results to support guidance." Hess closed yesterday at $51.18.