UPDATE: J.P. Morgan Downgrades Regal Entertainment Group to Neutral, Reiterates $17 PT

In a report published Monday, J.P. Morgan & Co. downgraded its rating on Regal Entertainment Group

from Overweight to Neutral, and reiterated its $17.00 price target. J.P. Morgan noted, “We continue to find shares attractive at 7.4x 2013 adj. EBITDA and paying a healthy dividend yielding 5.4%, and see further upside to our year-end 2013 price target. However, we see Q4 strength largely reflected in shares currently with shares trading at historical valuation levels and believe any weakness in the Q1 box office may be a near-term headwind to the stock, potentially leading to opportunity for a lower entry point.” Regal Entertainment Group closed on Friday at $15.58.