JPMorgan Chase & Co. (JPM) stock last week got a rating upgrade by Goldman Sachs analyst Richard Ramsden. On July 24, Ramsden lifted JPMorgan to Buy from Hold and raised the price target to $116 from $100.
Ramsden believes that the investment bank is “well-positioned to defend short-term returns and sustain its dividend over the next several quarters, as well as having the highest longer-term return profile of the large banks.”
The analyst further said that “at current prices, we believe JPM’s valuation of 1.6x PTBV (1.4x 2021E PTBV) and 10x 2021E P/E is attractive considering our belief it can earn a 16% ROTCE in 2022 (implying a 1.9x PTBV today based on historical ROTCE/PTBV regression) and drive ~30% annual earnings growth over the next two years.”
On July 22, Atlantic Equities analyst John Heagerty also upgraded JPMorgan stock to Buy from Hold with a $120 price target.
Currently, the Street has a cautiously optimistic outlook on JPM. Eleven Buys, 4 Holds and 1 Sell, add up to a Moderate Buy analyst consensus. The average target price of $108.83 implies a potential upside of 10.73%. (See JPM stock analysis on TipRanks).
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