UPDATE: JP Morgan Downgrades Lockheed Martin to Neutral

JP Morgan has downgraded Lockheed Martin (NYSE: LMT) from Overweight to Neutral and has raised the price target from $76 to $80 in a research report out today.

In the report, JP Morgan writes, "LMT had a banner year in 2011,returning 21% compared to only 1% for the other defense primes on average. LMT looked cheap going into 2011, but after delivering organic growth in a year in which its peers could not and raising its dividend by 33% to produce a ~5% yield, LMT's multiple grew 1.5 points from 7.6x 2012E PAEPS at the beginning of the year to 9.1x 2013E PAEPS at the end of the year."

Shares of Lockheed Martin are trading at $80.84, down 1.44% from yesterday's close.