UPDATE: J.P. Morgan Downgrades Orient-Express Hotels to Neutral, Reiterates $12 PT

In a report published Friday, J.P. Morgan & Co. downgraded its rating on Orient-Express Hotels

from Overweight to Neutral, but reiterated its $12.00 price target. J.P. Morgan noted, “We are lowering our rating to Neutral from Overweight given yesterday's ~23% move on the heels of Indian Hotel's acquisition offer at $12.63 for the remaining 93% of the stock its doesn't own already. The move puts OEH's YTD performance at +48%, well above the S&P 500's +16% YTD gain, and we would be profit takers at these levels.” Orient-Express Hotels closed on Thursday at $11.05.