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Bank of America raises JPMorgan’s target price to $420, saying there is still upside after it released strong earnings.
BlockBeats, July 16—CNBC reported that after JPMorgan Chase reported strong second-quarter results, Bank of America reaffirmed its “Buy” rating for the stock and raised its target price from $408 to $420, implying about 21% upside from Wednesday’s closing price.
JPMorgan Chase’s adjusted earnings per share for the second quarter were $6.14, above the Wall Street expectation of $5.85; revenue was $52.42 billion, also exceeding the expected $50.19 billion.
Bank of America analyst Ebrahim Poonawala said that JPMorgan Chase has advantages in capital markets business, AI capital spending, digital asset adoption, operating leverage, and capital flexibility. Its scaled investment covers branch operations, wealth management, and online banking in the UK and Europe.
JPMorgan Chase management also said that despite multiple macro shocks, the US real economy has shown resilience. Bank of America believes that consumers and businesses’ ability to withstand the high-interest-rate environment may continue to support JPMorgan Chase’s performance and stock price. The stock is up nearly 8% year-to-date.