UPDATE: J.P. Morgan Lowering Price Target On Molex

J.P. Morgan Chase & Co. is out with a research report on Molex (NASDAQ: MOLX) and is lowering its price target to $27.50 from $34, but is keeping its Overweight rating on shares.

In a note to clients, J.P. Morgan Chase & Co. writes, "We are lowering FQ1 to the midpoint of guidance. The new baseline coupled with near-term opex investments result in a sizeable reset to our longer term EPS forecasts even with slightly better-than-seasonal Dec. and March sequential growth. We still see good leverage in the model and forecast 8% and 13% FY-12 and '13 EPS growth vs. 4% and 6% sales growth."

Shares of MOLX lost 2 cents yesterday to close at $22.28.