Truist analyst John McDonald raised the firm’s price target on JPMorgan (JPM) to $280 from $270 and keeps a Hold rating on the shares. The death of the over-earning narrative in JPMorgan’s recent investor day has seemingly paved the way for the birth of a new under-earning narrative, based on a more optimistic view from CCB – Consumer & Community Banking – head Marianne Lake around deposit margin expansion and volume growth in the consumer bank in 2026-27, the analyst tells investors in a research note. Even if the modeled/disclosed rate sensitivity is under-stated, the potential rate headwinds to the net interest income growth outlook feel manageable in the context of the current run rate, the firm added.
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