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CME Group Cut to “Neutral” at JPMorgan (CME)

Posted: 1/6/2012 9:01:00 AM
Referenced Stocks: CME

Futures exchange operator CME Group Inc. ( CME ) on Friday caught a big downgrade from analysts at JPMorgan Chase.

The firm said it cut its rating on CME Group from "Overweight" to "Neutral" while lowering its price target from $288 to $270. That new target suggests a smaller 13% upside to the stock's Thursday closing price of $238.62.

CME Group shares, which have lost more than 25% of their value in the past year, fell $1.93, or -0.8%, in premarket trading Friday.

The Bottom Line
Shares of CME Group ( CME ) have a 2.35% dividend yield, based on last night's closing stock price of $238.62. The stock has technical support in the $222-$237 price area. If the shares can firm up, we see overhead resistance around the $250-$253 price levels.

CME Group Inc. ( CME ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .