JPMorgan Chase Price Target Raised 14% by Barclays Analyst: Strong Buy Recommendation

Barclays's Jason Goldberg raised their price target on Jpmorgan Chase & Co (NYSE: JPM) by 14% from $186 to $212 on 2024/01/02. The analyst maintained their Strong Buy rating on the stock.

According to Goldberg, the relative stock performance of banks is expected to improve in 2024. Goldberg predicts that as net interest income reaches a low point, deposit trends stabilize, and loan growth accelerates later in the year, banks will experience a positive boost. Additionally, with spending under control, Goldberg suggests that interest-bearing deposit fees should rise once again. The analyst believes that large-cap banks, including JPMorgan Chase & Co, will be able to make up for their poor performance in 2023. Furthermore, Goldberg sees the potential for earnings momentum to increase throughout this year and into 2025.

Goldberg also made adjustments to price targets for other stocks in their portfolio on the same day. Capital One Financial Corp's price target was raised by 35.1%, from $114 to $154, while Citigroup Inc's target was increased by 6.8%, from $59 to $63. Ally Financial Inc saw a 34.4% increase in its price target, from $32 to $43, and Keycorp's target was raised by 30.8%, from $13 to $17. Lastly, M&T Bank Corp had its price target raised by 13.3%, from $150 to $170. In all of these cases, Goldberg maintained a Hold rating.

In terms of analyst ratings, 57.1% of top-rated analysts currently view JPMorgan Chase & Co as a Strong Buy or Buy, while 42.9% consider it a Hold. No analysts recommend or strongly recommend selling the stock.

The consensus forecast among analysts is that JPMorgan Chase & Co will deliver earnings per share (EPS) of $15.52 in the upcoming year. If this forecast proves to be accurate, the next yearly EPS for JPMorgan Chase & Co will be down by 7.5% on a year-over-year basis.

Looking at stock performance, since JPMorgan Chase & Co's last quarterly report on September 30, 2023, the stock price has risen by 18.7%. On a year-over-year basis, the stock is up by 27.4%. During this period, JPMorgan Chase & Co has outperformed the S&P 500, which has seen a 24% increase.

It is important to note that Barclays analyst Jason Goldberg is ranked in the bottom 8% out of 4,439 Wall Street analysts, according to WallStreetZen. Goldberg has an average return of -3.4% and a win rate of 38.5%. The analyst specializes in the Healthcare and Financial Services sectors.

JPMorgan Chase & Co is a financial institution that offers a wide range of services including consumer and commercial banking, 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. On the other hand, the Commercial Banking division offers middle market banking, business credit, equipment finance, and commercial term lending. Additionally, JPMorgan Chase & Co provides corporate client banking and serves government, not-for-profit, and healthcare sectors. The company, which was founded in 1799, is headquartered in New York, NY.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.