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STX
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MPC
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JNCE
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By Davit Kirakosyan
Investing.com — Here is your daily Pro Recap of the biggest analyst downgrades you may have missed since yesterday.
Marathon Petroleum downgraded at JPMorgan
JPMorgan downgraded Marathon Petroleum (NYSE:MPC) to Neutral from Overweight this morning while also raising its price target to $149.00 from $137.00.
While the firm believes Marathon Petroleum is executing well and has continued potential to aggressively return capital, even in a refining downturn, it now sees slightly below-average upside potential to its price target relative to the group average, and therefore downgrade the stock.
Shares were nearly even in premarket trading after a 3.3% gain yesterday.
This headline went out to InvestingPro subscribers in real time. Predict tomorrow’s market and make better investing decisions.
Frontier Communications downgraded, shares plunge
Morgan Stanley downgraded Frontier Communications (NASDAQ:FYBR) to Underweight from Equalweight and cut its price target to $19.00 from $23.00 based on the company’s premium to telecommunications peers, rising risks to Fiber growth targets due to increasing competition, and recent plans for a slower Fiber expansion potentially delaying positive free cash flow generation.
Shares plunged nearly 9% yesterday and were recently trading more than 2% lower in the premarket.
Seagate cut to Sell
Edgewater Research downgraded Seagate Technology (NASDAQ:STX) to Sell from Neutral this morning.
Shares were off 2.8% in the premarket.
Dish Network downgraded to Neutral
UBS downgraded Dish Network (NASDAQ:DISH) to Neutral from Buy and cut its price target to $10.00 from $27.00.
The firm is more cautious on Dish shares ahead of its funding needs in 2024, with sub losses continuing, wireless dilution ramping, and wireless M&A less likely in the near term.
Shares closed down 1.7% yesterday.
2 more downgrades
Piper Sandler downgraded Jounce Therapeutics (NASDAQ:JNCE) to Neutral from Overweight with a price target of $1.85 following the announcement yesterday that the company will be acquired by Concentra Biosciences for $1.85 per share.
Truist Securities downgraded Momentive Global (NASDAQ:MNTV) to Hold from Buy.
Source: Investing.com
