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Movie Gallery Stock Downgraded

15 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.

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