Market Overview

Bank Of America Sees CCB As Underappreciated Earnings Machine For JPMorgan Chase & Co.


In a report published Monday, Bank of America analyst Erika Najarian reiterated a Buy rating and $68.00 price target on JPMorgan Chase & Co. (NYSE: JPM).

In the report, Bank of America noted, “We are reiterating our Buy rating and $68 PO on JPM, after hosting investor meetings with Gordon Smith, CEO of Consumer & Community Banking (CCB). Despite comprising 44% of revenues and 40% of earnings, we believe CCB is an underappreciated and arguably undervalued piece of JPM, with JPM as a whole valued at 9.5x our ‘15E EPS – lower than its mega-cap peers and alternative subsectors in the S&P. Inevitably, we'll get investor response on this note that JPM is ‘over-owned.' However, active US manager data shows that JPM does not crack the top 20 in terms of best-owned financials within the S&P – despite its massive market cap. As such, if JPM continues to deliver on consensus expectations, we do believe there are incremental buyers for this name that can drive the multiple to a level that more appropriately reflects JPM's EPS power and return potential.”

JPMorgan Chase & Co. closed on Friday at $59.91.

Latest Ratings for JPM

Jan 2021Credit SuisseMaintainsOutperform
Jan 2021B of A SecuritiesUpgradesNeutralBuy
Jan 2021JefferiesUpgradesHoldBuy

View More Analyst Ratings for JPM
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