UPDATE: J.P. Morgan Resumes Coverage on Carpenter Technology

According to a research report published this morning, J.P. Morgan has resumed coverage on Carpenter Technology CRS with a Neutral rating and $66 PT. In the report, J.P. Morgan said, "While improving end market demand in key markets such as aerospace and energy and the company's recently completed Latrobe acquisition should drive earnings higher again in FY 2013 after an expected strong FY 2012, we believe a large portion of this improvement is already priced into CRS's current share price and see greater upside potential with other stocks in our coverage universe. CRS currently trades at 9.5x our FY 2012E EBITDA and 7.8x our FY 2013E EBITDA vs. its average forward multiple of roughly 8.0x." Carpenter Technology closed Friday at $56.55.