Buy 'best-in-class' JPMorgan Chase thanks to strong earnings potential, Jefferies says

JPMorgan Chase has been a winner in the banking sector, and Jefferies expects that trend to continue. The firm upgraded the banking giant Tuesday to buy from hold. It also raised its price target to $165 per share from $149. Jefferies' forecast implies about 14% upside for the stock from Monday's $145.15 close. JPMorgan's stock has climbed roughly 8% for the year. Meanwhile, the SPDR S & P Bank ETF is down more than 18% in that time.

"While JPM has been an absolute and relative outperformer in 2023, its combination of balance sheet strength, strong liquidity positioning, and best in-class earnings generation potential continue to position the bank well," analyst Ken Usdin said. Usdin noted that JPMorgan maintains the strongest balance sheets amongst its peers in the large bank space, which will better protect its from a rise in deposit costs.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Earnings playbook: JPMorgan Chase and Delta Air Lines kick off the seasonExpectations for this earnings season are downbeat, with analysts forecasting a roughly 7% year-over-year drop, FactSet data shows.
Source: CNBC - 🏆 12. / 72 Read more »

These stocks that are about to turn a profit should beat the market, Jefferies saysWatch these stocks that are on the verge of turning a profit and poised to climb higher, Jefferies says.
Source: CNBC - 🏆 12. / 72 Read more »

The CPI trade: What JPMorgan sees the market doing, based on these scenariosJPMorgan traders broke down five scenarios for how the market might react to the report, depending on how much CPI increased from the prior year.
Source: CNBC - 🏆 12. / 72 Read more »