Schneider Electric (SCHN.PA) downgraded by J.P. Morgan to neutral from overweight

J.P. Morgan cut Schneider Electric to "neutral" from "overweight" after the PTC buyout, citing shifting investment drivers. The brokerage believes allocating capital to the automation division dents the target multiple. Management targets €800 million ($897 million) in annualised revenue synergies, but the broker views this as ambitious.