UPDATEL JP Morgan Lowers PT on Georgia Gulf from $29 to $20

J.P. Morgan has published a research report on Georgia Gulf (NYSE: GGC) raising estimates and lowering the price target $9.

In the report, J.P. Morgan wrote, "We raised our 2011 EPS estimate from $2.00 to $2.35 to reflect better than expected second quarter results (+$0.32/share) and lower interest expenses. GGC reported 2Q pro forma EPS of $0.44 versus our estimate of $0.12. Reported EBITDA of $60Mn exceeded our estimate by $11.6Mn, or $0.22/share, and a lower tax rate contributed $0.10/share."

J.P. Morgan rated Georgia Gulf a Neutral with a price target reduced from $29.00 to $20.00. Georgia Gulf closed Thursday at $18.13.