UPDATE: JP Morgan Reduces PT to $65 on Rockwell Collins on Lower Defense Sales

JP Morgan reiterated its Overweight rating on Rockwell Collins (NYSE: COL) and lowered its price target from $68 to $65.

JP Morgan commented, "We are lowering our estimates and price target for COL by 3-4% for lower defense sales and a higher sharecount. The stock has bounced off its summer lows (+14% since mid July vs +4% for the S&P 500), but we still see a strong long-term franchise with a multi-year Commercial earnings ramp ahead. At 10x CY14E EPS, the valuation is not quite as mouth-watering as three months ago but it remains attractive, and with 20% upside to our new Dec 13 target of $65 (down $3), we are maintaining our OW rating."

Rockwell Collins closed at $54.30 on Friday.