UPDATE: JP Morgan Downgrades Celgene On Less Upside, Remains Optimistic On Growth

In a report published Thursday, JP Morgan analyst Geoff Meacham downgraded

from Overweight to Neutral and lowered the price target from $180.00 to $170.00. Despite the company's solid fundamentals, Meacham noted less upside to shares. The analyst wrote, “The change isn't reflective of a new fundamental concern; indeed, Celgene's growth rate is expected to be robust over the next few years.” Shares of Celgene closed at $154.30 on Wednesday. The stock is currently trading down 0.73 percent in Thursday's pre-market trading.