UPDATE: JP Morgan Drops PT to $10 on Modine Manufacturing Company

JP Morgan reiterates its Neutral rating on Modine Manufacturing Company

and cuts its price target from $12 to $10. JP Morgan notes, "MOD continues to pursue avenues of growth in Asia and South America, along with new platforms in developed markets. Most markets outside of NA are challenged, however, and execution and FX headwinds persist. Our new price target of $10 (from $12) reflects a ~10x multiple on CY2013 EPS of $1.05, discounted back one year; this is a discount to peers due to elevated execution risks." MOD closed at $5.94 on Monday.