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J.P. Morgan Downgrades Supervalu to 'Neutral'


J.P. Morgan downgraded Supervalu (SVU) to neutral from outperform.

Analyst Stephen Chick says the grocer and food distributor's shares have appreciated significantly -- 65.2% since June 26, vs. 8.9% for the S&P 500. He saya a letter of intent regarding C&S Wholesale's purchase of Fleming's traditional wholesale business changes the landscape slightly vs. his expectations. Chick says he doesn't know C&S's ultimate intentions. He notes that part of his recommendation of Supervalu (he upgraded on June 16) was due to potential market share gains from its main competitor Fleming. Now, Chick says the prospects for C&S make additional gains slightly less certain. He removed Supervalu from J.P. Morgan's Focus List.


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