JP Downgrades Whole Foods Amid 'Multi-Quarter Slide'

In today's morning summary, following Wednesday's post-close earnings release, JP Morgan downgraded Whole Foods Market

from Overweight to Neutral and lowered the price target from $48 to $38. The analysts at JP Morgan wrote, "Although we appreciate the risk in downgrading when the stock may be approaching the bottom of a multi-quarter slide, we no longer see sufficient opportunity to warrant a constructive stance." Following the company's earnings and amid the downgrade, shares of Whole Foods have dropped over five percent in the early hours of Thursday's market session.