UPDATE: JP Morgan Downgrades AMC Networks to Neutral on Lack of Near-Term Catalysts

JP Morgan reduced its rating on AMC Networks AMCX from Overweight to Neutral but raised its price target from $49 to $50. JP Morgan commented, "We are reducing our rating on AMC to Neutral from Overweight following the positive settlement announcement with DISH (JPM analyst Phil Cusick) over the VOOM litigation. While we continue to like the story behind AMC, the stock has appreciated nicely over the last five months—now trading at the higher end of the broader group—and we see limited catalysts ahead near term." AMC Networks closed at $47.30 on Monday.