CNX Resources downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded CNX Resources (CNX) to Underweight from Neutral with a price target of $37, up from $31. Following the stock’s year-to-date outperformance, CNX’s valuation “seems stretched,” the analyst tells investors in a research note. In addition, JPMorgan is positive on natural gas fundamentals and it says the company has less near-term gas exposure compared to peers given its hedge book.