JPMorgan Shares Flat Despite UBS Initiation At Buy

JPMorgan Chase & Co. JPM shares are trading higher by $0.10 at $86.53 in Wednesday's session. Ahead of its Q4 earnings report, UBS has initiated coverage with a Buy rating and a $98.00 price target.

Following its post-election rally, from its November 8 close to its closing high for the move on January 3 at $87.23, the issue has been in a trading range. Since December 20, the trading range has been defined by its December 29 low ($85.04) and its high for move on January 3 (S87.76). It should be noted the issue has made multiple highs in the $87 handle, but hasn't closed above $87.00 since posting its high close for the move.

After a flat open, it had a brief decline which found support just ahead of Tuesday's low ($85.72), only reaching $85.91. So far, the ensuing rally has come up shy of Tuesday's high ($85.90), as $85.75 stands as the current high.