UPDATE: J.P. Morgan Lowers PT on Black Hills to $25

J.P. Morgan is out with its report today on Black Hills (NYSE: BKH), lowering its PT from $30 to $25.

In a note to clients, J.P. Morgan writes, "We are cutting our December 2011 price target to $25 per share from $30 to reflect our reduced EPS outlook."

J.P. Morgan maintains Neutral on BKH.

Shares of BKH closed Wednesday at $29.28, down 0.41% from Tuesday's close.