UPDATE: J.P. Morgan Lowers PT on CB Richard Ellis Group to $26

J.P. Morgan is out with its report today on CB Richard Ellis Group

, lowering its PT to $26 from $31. In its report, J.P. Morgan writes, "We are lowering our December 2011 target price from $31 to $26 based on a discounted cash flow (DCF) model that assumes 5.5% long-term earnings growth (6% previously) beyond 2015 and assumes a 12.5% discount rate. The discount rate is above the high end of the range for our REIT discount rates (7.75-10%) given CBG's more transaction-oriented income stream and higher beta." J.P. Morgan maintains Overweight on CBG. Shares of CBG closed Tuesday at $14.65.