BofA says JPMorgan, Wells Fargo should trade higher after beat and raise reports

BofA notes that JPMorgan’s (JPM) Q3 core EPS of $4.73 beat the firm’s and consensus forecasts and that its FY23 NII guidance was raised to about $88.5B “all-in,” versus the roughly $87.2B consensus while the bank lowered its FY23 expense outlook. Wells Fargo (WFC) also reported Q3 EPS that beat the firm’s and consensus estimates and its FY23 NII guidance was changed to up 16% versus up 14% previously. Following the beat and raise reports earlier this morning, the firm says the JPMorgan “bull thesis holds” and it thinks shares of JPMorgan and those of “beaten down” Wells Fargo should trade higher. BofA has Buy ratings on both.