Newell Brands downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Newell Brands to Neutral from Overweight with a price target of $7, down from $11. The firm says that after three consecutive guidance cuts mostly due to weaker category demand, which will likely “linger for longer,” it is prudent to move to the sidelines. Newel’s Q3 earnings results were disappointing again and the earnings call did not provide much reassurance that the company’s challenges will be overturned in the short to medium term, the analyst tells investors in a research note.