JP Morgan Downgrades Ecopetrol to Underweight, Lowers Price Target to $8.5
Portfolio Pulse from Benzinga Newsdesk
JP Morgan has downgraded Ecopetrol (NYSE:EC) from Neutral to Underweight and reduced its price target from $12 to $8.5, indicating a bearish outlook on the stock.
September 25, 2024 | 1:07 pm
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JP Morgan analyst Rodolfo Angele has downgraded Ecopetrol from Neutral to Underweight, lowering the price target from $12 to $8.5. This suggests a negative outlook on the stock, potentially leading to a decrease in investor confidence and stock price.
The downgrade from Neutral to Underweight by a major financial institution like JP Morgan, along with a significant reduction in the price target, is likely to negatively impact investor sentiment and lead to a short-term decline in Ecopetrol's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100