UPDATE: J.P. Morgan Downgrades FLIR Systems to Underweight, Reiterates $29.50 PT on Valuation

In a report published Monday, J.P. Morgan analyst Paul Coster downgraded the rating on FLIR Systems FLIR from Neutral to Underweight, but reiterated the $29.50 price target. In the report, J.P. Morgan noted, “We are downgrading FLIR to Underweight from Neutral on valuation. The stock, up 45% YTD (versus S&P 500 up ~19%), has traded through our 2014 year-end Price Target and we believe risk-reward is unfavorable at this time. We do not view FLIR as a stock to short, but we do expect the stock to underperform the mean of our coverage universe at this time. No change to estimates. Price Target is $29.50.” FLIR Systems closed on Friday at $32.44.