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JP Morgan Cuts First Marblehead to Neutral

JP Morgan cut First Marblehead (FMD) to neutral from overweight.

Analyst Marco Vilegas cited increased uncertainty stemming from the resignation of CEO Dan Myers. He noted the CEO's resignation is related to gifts exchanged with a client and says this is a rather extreme outcome, amidst a tumultuous time for the company. The development adds to a string of negative news flow on the stock, Vilegas said. He noted that the appointed CEO joined the company in August and he thinks a new level of uncertainty may make it more challenging for First Marblehead to add and retain important clients. While shares trade at a discount to the education finance group, Vilegas believes the discount is warranted given recent developments.

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