Traders Market Weekly: September 12 to 18 2021



JPMorgan downgraded Chevron (CVX) to Neutral from Overweight with a price target of $111, down from $128. The firm cites valuation and the company’s higher guided energy transition spending for the downgrade. The firm continues to believe that it is imperative for fossil fuel companies to address the “dual challenge” of attracting shareholder interest and transitioning to clean energy transition during this period of “healthy” free cash flow.

BTIG downgraded Integra LifeSciences (IART) to Neutral from Buy without a price target. The firm sees limited share upside in the near to mid-term
stemming from limited intensive care unit bed capacity for elective neurosurgery, a CEO transition that “creates the potential for disruption” and limited margin expansion due to labor shortages and raw material increases. The firm notes Integra’s Codman Specialty Surgical business is dependent on ICU bed availability to house and recover elective neurosurgical patients. The firm says ICU capacity has been limited by ongoing Covid patients filling beds in some parts of the U.S.