JP Morgan Chase (NYSE: JPM) generated revenues of $32.7 billion in Q3, up 10.4% year-over-year and surpassing analysts’ estimates of $24.32 billion. Adjusted earnings came in at $3.12 per share, versus $3.74 in the same period last year. Analysts were expecting earnings of $2.90 per share.
JPM delivered a return on average tangible shareholder’s equity (ROTCE) of 18% and a Common Equity Tier 1 (CET) ratio of 12.5% in Q3.
Jamie Dimon, Chairman, and CEO of JP Morgan commented, ” While we unfortunately still don’t know the ultimate effect of changes in capital requirements due to the completion of Basel III, through our earnings power and demonstrated ability to manage down risk-weighted assets, we expect to reach our current target CET1 ratio of 13%, which includes a 50 basis point buffer, in the first quarter of 2023.”
What is the Future of JPM Stock?
Analysts are cautiously optimistic about JPM with a Moderate Buy consensus rating based on nine Buys, six Holds, and one Sell.
The average price forecast for JPM stock is $135.25 implying an upside potential of 23.6% at current levels.