UPDATE: J.P. Morgan Lowering Price Target on Compass Minerals International

J.P. Morgan Chase & Co. is out with a research report on Compass Minerals International

and is lowering its price target to $81 from $83, but is keeping its Neutral rating on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "Compass Minerals is contending with the elements: the Salt and Specialty Fertilizer segments were afflicted with weather events in the same year. A tornado interrupted Salt production at the Goderich mine. Wet weather conditions at the Great Salt Lake led to a reduced SOP harvest, which resulted in lower production volumes and higher production costs. We reduced our Q4:11 EPS forecast from $2.15 to $1.96. We lowered our 2012 EPS projection from $6.00 to $5.10. We reduced our 2013 EPS estimate from $7.20 to $6.10. We rate Compass shares Neutral. Our December 2012 price target is $81.00, or 9.5x EBITDA and 15.8x EPS for 2012E." Shares of CMP closed at $80.50 yesterday.