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.
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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.
