May 4, 2020 / 8:48 AM / 23 days ago

J.P. Morgan raises U.S. stocks to 'neutral'

A worker cleans the floor of the New York Stock Exchange (NYSE) as the building prepares to close indefinitely due to the coronavirus disease (COVID-19) outbreak in New York, U.S., March 20, 2020. REUTERS/Lucas Jackson/Files

(Reuters) - J.P. Morgan analysts raised their rating on U.S. stocks to “neutral” on Monday, saying they expected equity markets globally to consolidate from current levels, while not ruling out more weakness.

“... As the virus impact and the activity/policy response are the dominant drivers now, we add back to the US weight, moving it to Neutral,” Mislav Matejka said in a note.

Matejka also reduced his rating on Eurozone stocks to “neutral” from “overweight”.

Reporting by Tanvi Mehta in Bengaluru; Editing by Anil D'Silva

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