UPDATE: JP Morgan Downgrades Sigma-Aldrich Corporation to Neutral; Valuation Full

JP Morgan reduced its rating on Sigma-Aldrich Corporation SIAL from Overweight to Neutral as shares approach the $75 price target. JP Morgan noted, "Sigma remains an exceptional franchise, having emerged from the 2008-09 downturn virtually unharmed, growing revenues and operating profit at ~5% and ~9% CAGRs through 2008-11, respectively, while also purchasing shares and increasing the dividend (from $0.51 to ~$0.72 per share, +39%). Nonetheless, given the outperformance YTD (+17%), macro uncertainty, and premium valuation, we are moving to the sidelines, but would look to consider getting more constructive on a pullback. We see upside risks to estimates from exceptional growth in SAFC (Hitech) or the recently acquired BioReliance franchise." Sigma-Aldrich Corporation closed at $71.86 on Tuesday.