UPDATE: JP Morgan Lowers PT on General Motors to $34

J.P. Morgan reiterates its Overweight rating on General Motors Company

, but has lowered its price target for the stock from $42 to $34 per share mix/costs issues, Europe concerns, and pension risks. J.P. Morgan said, “We lower our EPS estimates to $0.36 in 4Q11e (vs. $0.73 earlier), $3.50 in 2012e ($4.00 earlier) and $3.00 in 2013e ($5.00 earlier), due primarily to revised industry production assumptions, tweaks to our NA EBIT margin expectations, and lower margin expectations in all other regions. EPS falls by $0.50 in 2013e from 2012e because we assume effective tax rate normalize to ~24% (vs. 2% in 2012e) starting that year – adjusting for the higher tax rate, the underlying EPS would have been $3.90 or $0.40 higher than 2012e.” GM closed Wednesday's trading at $22.31, down 10.9 percent for the session.