Wells Fargo upgrades JPMorgan on ‘Goliath is Winning’ theme

Wells Fargo upgraded JPMorgan to Overweight from Equal Weight with a price target of $155, up from $148. The analyst says JPMorgan epitomizes the firm’s banking theme of "Goliath is Winning." The bank should benefit from both market share gains and its more diversified business "in these less certain times," the analyst tells investors in a research note. JPMorgan is "battle-tested through downturns," aided by its "fortress balance sheet," contends the firm. Wells now forecasts the bank’s revenues will grow faster than expenses, even with its ongoing elevated investment spend.