UPDATE: J.P. Morgan Lowers PT on Artio Global Investors to $15

J.P. Morgan is out with its report today on Artio Global Investors (NYSE: ART), lowering its PT to $15.

In a note to clients, J.P. Morgan writes, "Artio trades at 9X our new 2011 estimate of $1.55. It is much lower than its peer group average of 14.5X. Although this valuation may seem low for an asset manager with little leverage, we have concerns that Artio will experience bigger redemptions when 3-year performance numbers start to turn, as we expect over the next few months. As such, we apply a target multiple of 10.5X to our 2012 EPS estimate of $1.46. We lower our December 2011 price target to $15.00 to account for our lower estimates."

J.P. Morgan maintains Neutral on ART.

Shares of ART closed Tuesday at $13.99, up 0.43% from Friday's close.