UPDATE: JP Morgan Cuts PT to $50 on Greif Following Pre-Announcement

JP Morgan reiterated its Neutral rating on Greif

but lowered its rating on $56 to $50. JP Morgan noted, "This morning, GEF pre-announced that F4Q operating performance was at the high end of expectations, though F4Q and FY12 EBITDA would be ~$25mm below guidance at the mid-point due to an acceleration of restructuring charges, a one-time charge to correct accounting issues in Latin America and incremental currency and pension headwinds. We have adjusted our model for these moving pieces, as well as for our view around the pace of the macro recovery and a likely need for further restructuring actions in FY13." Greif closed at $42.00 on Wednesday.