Deutsche Bank analyst Matt O’Connor upgraded JPMorgan to Buy from Hold with a price target of $190, up from $140. The analyst sees three key themes for the U.S. banks in 2024: lower interest rates, which are good for bank capital, but generally bad for earnings, credit quality, which will likely be the most important theme for bank stocks whether or not there’s a credit cycle, and regulation and the political backdrop. JPMorgan shares should benefit from upside to net interest income guidance, good leverage to a pick up in capital markets revenues, and strong capital and loan loss reserve levels, the analyst tells investors in a research note.
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