JPMorgan downgrades Indonesia's Gresik, cuts price

JAKARTA, May 7 (Reuters) - JPMorgan said on Wednesday it had downgraded Indonesia's largest cement maker, PT Semen Gresik Tbk SMGR.JK, to neutral from overweight and reduced its target price to 5,200 rupiah a share from 6,800 rupiah.

The brokerage said the government's plan to raise subsidised fuel prices, which could lead to rising interest rates and weaker consumer spending, was a factor in its decision. (Reporting by Harry Suhartono, editing by Sugita Katyal)