JPMorgan price target lowered to $214 from $216 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on JPMorgan to $214 from $216 and keeps an Overweight rating on the shares. The firm notes that the stock underperformed the S&P 500 by 5% during Monday’s investor day meeting as buyback commentary disappointed, but it expects the “market to shake it off” given that JPMorgan is taking share, investing in its $17B “tech war chest” and beating net interest income expectations “again and again.”