UPDATE: J.P. Morgan Downgrades AptarGroup on High-Quality Story, Lack of Near-Term Upside

In a report published Wednesday, J.P. Morgan analyst Phil Gresh downgraded the rating on AptarGroup ART from Overweight to Neutral, and lowered the price target from $66.00 to $65.00. In the report, J.P. Morgan noted, “Following reasonably good share price performance YTD versus packaging peers, we are downgrading ATR to Neutral from Overweight on a modest reduction in our estimates and price target. While we continue to see ATR as a high-quality story in the packaging space with likely the highest long-term growth potential, near-term upside looks more dependent on a still choppy macro environment as we lap Stelmi acquisition accretion benefits in 3Q. Looking ahead to 2014, our estimates now basically mirror consensus, with balanced risks, in our view.” AptarGroup closed on Tuesday at $61.09.