Update: JP Morgan Downgrades Wal-Mart to Neutral (WMT)

JP Morgan is out with its report today on Wal-Mart WMT, downgrading WMT from Overweight to Neutral. In a note to clients, JP Morgan writes, "While sentiment on the stock is hardly upbeat (despite a 60%+ sell-side “buy” ratio), we don't foresee a positive catalyst on the horizon that would break the stock out of its 10+-year trading range ($45-$60). Separately, year-to-date the stock has enjoyed a bit of a rotation as some other higher-beta names have struggled ahead of tougher compares/rising sourcing costs. As a result, we're going to use this opportunity to move to the sidelines." JP Morgan lowers its PT on WMT from $59 to $54. At the time of posting, shares of WMT were trading at $55.08, up 1.10% from Friday's close.