The "LeBron James of banking" is how analysts described JPMorgan Chase & Co. JPM after coming off a strong third-quarter report that saw a earnings and revenue beat.
"JPMorgan showed again that it is the LeBron James of banking given both defense, including lower QoQ credit losses and good efficiency; and offense, including 8 percent YoY higher revenue with double digit growth in loans and deposits, and likely market-share gains from European investment banks," said CLSA analysts.
JPMorgan is seeing momentum on both sides of the floor.
Offense
- Spread revenue increased 2 percent.
- Market sensitive revenue increased 6 percent.
Defense
- Credit remains favorable.
- Charge-offs declined to 51bps but still much better than long-term industry average of 80bps.
- Revenue outpaced expenses 8 percent versus 3 percent.
JPMorgan crushed EPS estimates and delivered its best quarter of the year in Q3.
CLSA has a Buy rating on JPMorgan with a $79 price target.
At last check shortly before market close, JPMorgan was down 0.52 percent at $67.17.
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