Wells Fargo raised the firm’s price target on JPMorgan to $220 from $200 and keeps an Overweight rating on the shares. The analyst says JPMorgan’s “surprise and rare” off-cycle 10% dividend increase reflects greater confidence in the bank’s “strong” capital levels and its ability to grow earnings through a cycle. Wells increased 2025 and 2026 estimates to reflect more confidence in JPMorgan’s medium-term earnings power. The bank doesn’t have a formal payout target and could still raise its dividend again after the Federal Reserve releases stress test results in late June, the analyst tells investors in a research note.
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