As previously reported, Wolfe Research upgraded JPMorgan (JPM) to Outperform from Peer Perform with a $170 price target. The company’s “conservative” NII guidance and accretion from its First Republic (FRC) deal are “not adequately reflected” in Street estimates, but favorable loan mix from less commercial real estate exposure and higher credit costs are better reflected in estimates, the analyst tells investors. JPMorgan shares trade in line with G-SIB peers despite exhibiting stronger growth and best-in-class share gains, which “warrants a premium multiple,” the analyst added.
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