Morgan Stanley analyst Betsy Graseck upgraded JPMorgan to Overweight from Underweight with a price target of $153, up from $126. The bank’s operating leverage is inflecting positively in 2023, driven by revenues up 10% year-over-year and expenses up 9%, Graseck tells investors in a research note. The analyst thinks the risks around JPMorgan’s operating leverage "skew to the upside" and says progress is being made on capital.
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