BofA analyst Ebrahim Poonawala raised the firm’s price target on JPMorgan to $240 from $226 and keeps a Buy rating on the shares following quarterly results. The firm believes the persistent hope among investors and analysts that management will raise its 17% return on tangible common equity target and say something new on share buybacks distracts from the real investment story. The fact is that JPMorgan is earning a best-in-class ROA/ROE while operating with about 300bp or $50B in excess CET1 capital vs. the regulatory minimum, BofA says.
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