Valvoline downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Valvoline (VVV) to Underweight from Neutral with a price target of $35, up from $30. The firm says the integration of the new Breeze stores is likely to lower Valvoline’s margins in fiscal 2026, more than offsetting the margin benefits from base oil prices moving lower. Breeze’s margin profile is lower than that of legacy Valvoline, and integrating the stores will likely require upfront expenses, the analyst tells investors in a research note.