UPDATE: JP Morgan Downgrades Titanium Metals to Neutral Following Tender Offer

JP Morgan reduced its rating on Titanium Metals

from Overweight to Neutral and lowered its price target from $17 to $16.50. JP Morgan commented, "We are downgrading shares of TIE to Neutral from Overweight and trimming our price target to $16.50, matching the all-cash tender offer made on November 9 by Precision Castparts (OW rated by J.P. Morgan Aerospace & Defense analyst Joe Nadol). While we originally viewed PCC's all-cash, 42.6% premium bid as an offer not likely to be refused or surpassed, the potential for a bid superior to the offer's terms, conditions, and year-end closing timeline became even more remote over the past month." Titanium Metals closed at $16.43 on Wednesday.