UPDATE: J.P. Morgan Downgrades Aspen Technology on Valuation

In a report published Friday, J.P. Morgan analyst Sterling Auty downgraded the rating on Aspen Technology AZPN from Overweight to Neutral, but raised the price target from $36.00 to $38.00. In the report, J.P. Morgan noted, “Since Fall 2010, AZPN has more than tripled, far outperforming the S&P 500 (up 51%), and now stands roughly in line with our previous price target of $36. We are increasing the price target to $38, but that does not provide enough upside to warrant an OW rating and as such we are downgrading to Neutral.” Aspen Technology closed on Thursday at $35.10.