UPDATE: J.P. Morgan Lowering Price Target On H.J. Heinz

J.P.Morgan Chase & Co. is out with a research report on H.J. Heinz Co. (NYSE: HNZ) after it reported earnings, and is lowering its price target to $57 from $60, but is keeping its Overweight rating.

In a note to clients, J.P.Morgan Chase & Co. writes, "Heinz yesterday reported adjusted fiscal 1Q (July) EPS of $0.78, above the consensus estimate of $0.76 and our estimate of $0.75. Including the special charges – $41 million – EPS was $0.70, and on a constant currency basis, the company reported EPS of $0.73. Management reiterated its fiscal 2012 adjusted EPS guidance range of $3.29 to $3.39 (vs. consensus estimate of $3.35). Lowering PT by $3, but maintain OW."

Shares of HNZ lost 60 cents yesterday to close at $51.44.