UPDATE: J.P. Morgan Lowers PT on Rockwell Collins to $70

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J.P. Morgan is out with its report today on Rockwell Collins (NYSE: COL), lowering its PT from $83 to $70.In a note to clients, J.P. Morgan writes, "We rate COL Overweight. The stock is trading at 12.9x CY12E EPS, a 6% premium to our universe. We are lowering our Dec '11 price target by $17 to $70 to reflect the reduction in our estimates and a lower target multiple. Our new price target represents 15x our CY12 estimate of $4.67, a discount to the 16-17x multiples we are using to value other aero suppliers due to COL's higher level of defense exposure."Shares of COL closed Friday at $60.19, down 0.55% from Thursday's close.

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