Movie Gallery Stock Downgraded15 May, 2006 By: Jessica Wolf
Analyst group J.P. Morgan took some of the steam out of Movie Gallery Monday, downgrading the No. 2 rental chain's stock from “overweight” to “neutral.”
By the end of the day's trading, Gallery's stock price had dropped 15% from the previous business day, to $3.92.
The company's stock enjoyed something of a rebound last week, shooting up nearly 60% to $5.03 May 11 upon Movie Gallery's release of better-than-expected first-quarter financial results.