J.P. Morgan Initiates Neutral Rating on Zipcar

According to a recent report, J.P. Morgan has initiated a Neutral rating on Zipcar (NASDAQ: ZIP) based on a December 2012 price target of $29.50 and their view that ZIP is closed to fully-valued.

In the report, J.P. Morgan said, "Though ZIP offers investors an opportunity to invest in an early-stage, EBITDA profitable, fast-growth leader in an estimted multi-billion-dollar market, we view ZIP as close to fully-valued, trading at a premium multiple relative to its peer group."

ZIP closed yesterday at $25.20.