UPDATE: JP Morgan Downgrades ZipCar to Neutral as Guidance Disappoints

JP Morgan reduced its rating on ZipCar

from Overweight to Neutral and reduced its price target from $22 to $13. JP Morgan noted, "ZIP reported 2Q earnings that aligned with our expectations on slightly weak revenue. Membership additions of 22k were roughly half of what we were expecting owing to macro issues in the UK and a lackluster response to radio advertising in the US. With a disappointing outlook for the seasonally strong 3Q and then the quiet winter period following, we think there is a lack of catalysts for the stock near term." ZipCar closed at $10.63 on Thursday.