UPDATE: J.P. Morgan Lowers PT on Arbitron to $48

J.P. Morgan is out with its report today on Arbitron ARB, lowering its PT from $49 to $48. In its report, J.P. Morgan writes, "In our view, Arbitron should trade at a modest premium to most peers given its consistency, free cash flow profile, and potential margin improvement. Our year-end 2012 price target of $48 equates to 9-10 times 2013E EBITDA and 18 times EPS. That assumes ARB will trade closer to the midpoint of its historical P/E and EV/EBITDA ranges." J.P. Morgan maintains Overweight on ARB. Shares of ARB closed Friday at $37.67, up 2.92% from Thursday's close.