Oneok downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jeremy Tonet downgraded Oneok (OKE) to Neutral from Overweight with a price target of $83, down from $87. The company’s recent results have missed its EBITDA guidance amid soft macro fundamentals, the analyst tells investors in a research note. The firm believes improved sentiment on the stock may require improved oil prices. As such, JPMorgan sees better opportunity elsewhere in its coverage universe.