BMO Capital lowered the firm’s price target on JPMorgan to $195 from $196 and keeps a Market Perform rating on the shares after its Q1 results. The company’s higher-than-previously modeled fees are offset by higher expenses, and while its FY24 net interest income guidance was unchanged and in line with consensus, investors likely “wanted more”, the analyst tells investors in a research note. JPMorgan will be a long-term market share gainer among U.S. banks, but it is too early to buy shares ahead of an impending credit cycle, with the stock also trading around fair value, BMO added.
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