UPDATE: J.P. Morgan Downgrades Chesapeake Energy to Underweight

According to J.P. Morgan, Chesapeake Energy (NYSE: CHK) is downgraded to Underweight.

J.P. Morgan said that it is downgrading CHK to Underweight from Neutral. Its opinion about CHK's sizeable 2012 funding gap is not new, but it now thinks there are few 2012 catalysts to help the stock outperform. “We are maintaining our price target at $14.50/share. We base CHK's Dec-12 price target on 90% of NYMEX NAV at YE12E.”

Chesapeake Energy closed yesterday at $23.38.