UPDATE: J.P. Morgan Downgrades SUPERVALU

According to a research report Thursday, J.P. Morgan has downgraded SUPERVALU

from Overweight to Neutral. In the report, J.P. Morgan said, "Following Supervalu's 1Q13 preannouncement yesterday, we are downgrading the shares to Neutral from Overweight and withdrawing our Dec-12 price target of $9. Our previous rating was based on a belief that (a) operations would begin to improve and (b) hidden value could be found in the hard discount Save-a-Lot banner." SUPERVALU closed Wednesday at $5.29.