J.P. Morgan Applauds SuperValu Management For Guiding Down 2010 Outlook

According to a new report, J.P. Morgan is applauding SuperValu Inc. SVU management for guiding down its 2010 outlook recently (from $1.75-$1.95 to $1.40-$1.60). “[We] still see risk to the Street's outlook for 2011 – JPM at $1.15 vs. Street at $1.54, which makes the stock still look a bit expensive to us given the number of operational challenges and uncertainty that lie ahead,” J.P. Morgan writes. “As such, we've established a December 2011 Price Target of $10. All told, we'll remain Neutral [on] the stock.” SuperValu closed Friday at $10.75.