UPDATE: J.P. Morgan Reiterates Neutral Rating, Lowers PT on Ashland

In a report published Wednesday, J.P. Morgan reiterated its Neutral rating on Ashland ASH, but lowered its price target from $74.00 to $70.00. J.P. Morgan noted, “We rate ASH shares Neutral. Ashland currently trades at 8.6x EV/EBITDA for 2013 including net pension liability (or 7.2x EBITDA without pension). Our December 2013 price target of $70 reflects a 8.0x multiple of 2013 EV/EBITDA including net pension liability (6.5x EBITDA without pension). We note that the great majority of analysts writing 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 Tuesday at $80.43.