UPDATE: J.P. Morgan Lowers Price Target On American Capital To $12

According to J.P. Morgan, American Capital ACAS price target is lowered to $12. J.P. Morgan said that ACAS issued a press release announcing the repurchase of $75M of shares over the past 2 months. “We reiterate our Overweight rating and lower our YE2011 price target to $12, consistent with our revised valuation methodology for the BDC industry.” American Capital closed yesterday at $8.58.