JPMorgan

JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $3.9 trillion in assets and $317 billion in stockholders’ equity as of September 30, 2023. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

CFRA Keeps Buy Rating On Shares Of Jpmorgan Chase & Co.

/ / Financials /

Despite no lift from investment banking fee income, JPM is executing across most businesses with 18% ROE. We keep our $175 target, a forward P/E of 11x, below the three-year historic average at 12.3x. We increase our 2023 EPS estimate by $0.75 to $17.00 and 2024’s by $0.40 to $15.95. Loan growth remains critical to net interest income (NII) and non-interest income in 2023-2024, assuming economic growth. NII rose 30% Y/Y, with a rise in interest rate spread to 2.00% vs. 1.79% Y/Y (1.97% Q/Q) and total loans +17% Y/Y, while deposit-related fees were -4%. Consumer net revenue was +29%, with banking/wealth management +43%, home lending +36%, and card services and auto +7%. Commercial banking revenue was +32%, with middle markets +37% (gaining market share), corporate client banking +15%, and commercial real estate +48%. Investment banking fees were -2% Y/Y, with M&A advisory -10%, equity underwriting -6%, and debt underwriting […]

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