J.P. Morgan Downgrading Ashland Inc.

J.P. Morgan Chase & Co. is downgrading Ashland Inc. ASH to Neutral from Ovweweight, and it has a $70 price target on shares. In a note to clients, J.P. Morgan writes, "We are reducing our investment rating for Ashland from Overweight to Neutral because the shares now, at a price of $68.34, effectively have reached our December 2011 price target of $70. Accordingly, with room for minimal appreciation potential in 2011, we are moving to the sidelines." Shares of ASH closed at $68.34 yesterday, a gain of $7.29 or 11.95%.