Shares of JPMorgan Chase (NYSE:JPM) are slightly down today as contagion fears from the collapse of Silicon Valley Bank (NASDAQ:SIVB) continue to spread across the industry. Nevertheless, analyst Mike Mayo of Wells Fargo (NYSE:WFC) upgraded his rating on JPM from Hold to Buy while assigning a price target of $155.
Mayo believes that the bank will benefit from the struggles seen by its peers, stating that “Recent industry developments should further its ability to gather core funding and act as a source of strength.” As a result, he upped his EPS forecast for 2023, 2024, and 2025 to $12.90, $13.30, and $14.66, respectively.
Overall, Wall Street analysts have a consensus price target of $156.87 on JPM stock, implying over 19% upside potential, as indicated by the graphic above.
