HSBC last night downgraded JPMorgan (JPM) to Reduce from Hold with a price target of $259, up from $237. The analyst is more cautious on universal banks and brokers following the recent rally in the shares. HSBC recommends a more constructive stance on super-regionals. While operating fundamentals in the banks and broker group appear healthy, share valuations are “increasingly stretched,” the analyst tells investors in a research note. For JPMorgan, the firm is not taking a more negative view of the company’s operating fundamentals. Rather, it sees an unattractive risk-to-reward profile at current share levels.
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