Jefferies upgraded the banking giant Tuesday to buy from hold. It also raised its price target to $165 per share from $149.
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.
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