UPDATE: J.P. Morgan Downgrades Ashland to Neutral, Reiterates $76 PT

In a report published Monday, J.P. Morgan & Co. downgraded its rating on Ashland (NYSE: ASH) from Overweight to Neutral, and reiterated its $76.00 price target.

J.P. Morgan noted, “We rate ASH shares Neutral. Ashland currently trades at 6.3x EV/EBITDA for 2013. Our December 2013 price target of $76 reflects a 6.5x multiple of 2013 EV/EBITDA. We note that all analysts who write research on Ashland recommend its shares, which may indicate that its good business prospects are well-reflected in the current stock price and that room remains for negative price volatility were Ashland's earnings to disappoint expectations.”

Ashland closed on Friday at $73.00.

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