UPDATE: J.P. Morgan Lowers PT on Washington Federal to $15

J.P. Morgan is out with its report today on Washington Federal WFSL, lowering its PT from $16 to $15. In its report, J.P. Morgan writes, "WFSL shares currently trade at 0.90x TBV, or a 29% discount to peers, as well as at 8.6x 2015E earnings power, a 13% premium to peers. In line with our normalized EPS forecast coming down slightly, we are decreasing our price target from $16 to $15. With upside in line with peers', maintain Neutral." Shares of WFSL closed Friday at $13.01.