UPDATE: J.P. Morgan Lowers PT on Riverbed Technology to $38.50 (RVBD)

J.P. Morgan is out with its report today on Riverbed (NASDAQ: RVBD), lowering its PT from $43 to $38.50.

In a note to clients, J.P. Morgan writes, "Based on the 4/19/11 after-market price of $33.70, RVBD trades at 29.4x the Bloomberg consensus EPS estimate of $1.15 for FY12. Applying this multiple to our own $1.31 EPS estimate for that same period yields a value of $38.5. We set our new price target accordingly."

J.P. Morgan reiterates Overweight on RVBD.

At the time of posting, shares of RVBD were trading pre-market at $34.40, up 2.90% from Tuesday's close.