J.P.Morgan sees Atmos Energy as overvalued, downgrades to 'neutral'
BUZZ-J.P.Morgan sees Atmos Energy as overvalued, downgrades to 'neutral' ** J.P.Morgan downgrades natural-gas utility Atmos Energy ATO.N to "neutral" from "overweight", cuts PT for December 2027 to $180 from $198
** Stock trading with light volumes at $165 premarket
** Brokerage says stock is at an 8% premium vs peers considering 2028 earnings estimates; lack of AI-driven growth to also limit upside
** ATO is trading at 18.3 times 12-month forward earnings, above industry median of 15.5 — LSEG-compiled data
** Beating quarterly expectations and raising forecasts, pipeline and storage outperformance, and reliable regulatory execution in Texas to underpin midpoint-or-above EPS growth through the decade, JPM says
** 3 of 14 brokerages rate the stock "buy" or higher, 11 "hold"; their median PT is $187 — LSEG-compiled data
** Up to last close, stock had fallen 1.7% YTD
(Reporting by Johann M Cherian in Bengaluru)