JPMorgan Chase & Co Price Target Raised on Excess Capital Levels and Market Rebound

Morgan Stanley's Betsy Graseck raised their price target on Jpmorgan Chase & Co (NYSE: JPM) by 15.7% from $191 to $221 on 2024/01/30. The analyst maintained their Strong Buy rating on the stock.

Graseck's sector review note, covering their Financial Services (Large-Cap Banks) portfolio, revealed their reasoning behind the upgrade. The analyst highlighted that the Large-Cap Bank group has been upgraded to Attractive due to the potential easing of Basel regulations. Graseck explained, "It looks like the Basel endgame will be lightened." This development is expected to pave the way for a significant increase in buybacks. According to Graseck, "Large-cap banks have the highest excess capital levels ever, at a time when capital markets are rebounding."

Joining the chorus of positive sentiment, Oppenheimer's Chris Kotowski also issued an update on JPMorgan Chase & Co on the same day. Kotowski raised their price target by 2.6%, from $232 to $238, while maintaining their Buy rating on the stock.

Currently, 71.4% of top-rated analysts consider JPMorgan Chase & Co a Strong Buy or Buy, while 28.6% see it as a Hold. Interestingly, no analysts recommend or strongly recommend selling the stock.

Analysts' consensus forecast for JPMorgan Chase & Co indicates an earnings per share (EPS) of $16.21 for the upcoming year. If their predictions hold true, this would result in a 3.3% decrease in yearly EPS compared to the previous year.

Examining the stock's performance, JPMorgan Chase & Co has seen notable gains since its last quarterly report on September 30, 2023. The stock price has risen by 21.5% during this period, and on a year-over-year basis, it has surged by 26.7%. JPMorgan Chase & Co's performance has outpaced that of the broader market, with the S&P 500 up 22.6% in the same timeframe.

It is worth noting that Betsy Graseck, the analyst who raised the price target, is ranked in the bottom 4% out of 4,462 Wall Street analysts by WallStreetZen. Graseck's average return stands at -2.4%, and their win rate is 39.1%. The analyst specializes in various sectors, including Industrials and Consumer Cyclical.

JPMorgan Chase & Co is a prominent financial institution offering a range of consumer and commercial banking services, investment banking, financial transaction processing, and asset management solutions. The company's Consumer Businesses division provides credit cards, small business loans, auto finance, education finance, and merchant services. Meanwhile, their Commercial Banking division focuses on middle market banking, business credit, equipment finance, and commercial term lending. JPMorgan Chase & Co also caters to corporate clients, government entities, not-for-profit organizations, and the healthcare sector. The company was established in 1799 and is headquartered in New York, NY.

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