6 analyst cuts of the day: Marathon stock lowered at JPMorgan | Pro Recap

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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:) 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:) 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:) to Sell from Neutral this morning.

Shares were off 2.8% in the premarket.

Dish Network downgraded to Neutral

UBS downgraded Dish Network (NASDAQ:) 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:) 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:) to Hold from Buy.