JPMorgan

J.P. Morgan Asset Management appoints a new member for Canada Advisor Business Jay Rana joins J.P. Morgan Asset Management in Canada Canada NewsWire TORONTO, Dec. 20, 2023 TORONTO, Dec. 20, 2023 /CNW/ — J.P. Morgan Asset Management in Canada, today, announced that Jay Rana will be joining the newly formed Canada Advisor Business, effective January 1, 2024. In this new role, he will be responsible for bringing J.P. Morgan Asset Management’s industry leading global alternative investment capabilities to financial advisors across the country, maintaining relationships and assisting clients in understanding the firm’s investment solutions. Mr. Rana has over 25 years of experience with both Canadian and global asset management organizations and, most recently, served as Senior Vice President at Pimco, where he was responsible for the Chairman’s Business. “J.P. Morgan Asset Management has a long-standing history of serving institutions and sub-advisory clients in Canada, and we look forward to bringing […]

JPMorgan Chase & Co. (NYSE: JPM) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 12/18/2023 — Daiwa Capital Upgrades Outperform → Buy 11/16/2023 46.05% Oppenheimer $233 → $243 Maintains Outperform 10/16/2023 2.17% Piper Sandler $168 → $170 Maintains Overweight 10/16/2023 2.77% BMO Capital $167 → $171 Maintains Market Perform 10/16/2023 40.04% Oppenheimer $215 → $233 Maintains Outperform 10/16/2023 14.79% Morgan Stanley $187 → $191 Maintains Overweight 10/03/2023 12.39% Morgan Stanley $179 → $187 Maintains Overweight 09/26/2023 29.22% Oppenheimer $219 → $215 Maintains Outperform 09/12/2023 -5.04% RBC Capital → $158 Reiterates Outperform → Outperform 09/12/2023 7.58% Morgan Stanley $173 → $179 Maintains Overweight 09/08/2023 -5.04% RBC Capital → $158 Reiterates Outperform → Outperform 09/07/2023 -4.44% HSBC → $159 Initiates Coverage On → Hold 08/18/2023 31.62% Oppenheimer $227 → $219 Maintains Outperform 08/01/2023 -3.84% Atlantic Equities $150 → $160 Maintains Neutral 07/18/2023 3.98% Morgan

JPMorgan Chase (NYSE:JPM) Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 11/16/2023 61.44% Oppenheimer $233 → $243 Maintains Outperform 10/16/2023 12.94% Piper Sandler $168 → $170 Maintains Overweight 10/16/2023 13.61% BMO Capital $167 → $171 Maintains Market Perform 10/16/2023 54.8% Oppenheimer $215 → $233 Maintains Outperform 10/16/2023 26.89% Morgan Stanley $187 → $191 Maintains Overweight 10/03/2023 24.24% Morgan Stanley $179 → $187 Maintains Overweight 09/26/2023 42.84% Oppenheimer $219 → $215 Maintains Outperform 09/12/2023 4.97% RBC Capital → $158 Reiterates Outperform → Outperform 09/12/2023 18.92% Morgan Stanley $173 → $179 Maintains Overweight 09/08/2023 4.97% RBC Capital → $158 Reiterates Outperform → Outperform 09/07/2023 5.63% HSBC → $159 Initiates Coverage On → Hold 08/18/2023 45.5% Oppenheimer $227 → $219 Maintains Outperform 08/01/2023 6.3% Atlantic Equities $150 → $160 Maintains Neutral 07/18/2023 14.93% Morgan Stanley $160 → $173 Maintains Overweight 07/17/2023 11.61% Piper Sandler $158 →

Despite no lift from investment banking fee income, JPM is executing across most businesses with 18% ROE. We keep our $175 target, a forward P/E of 11x, below the three-year historic average at 12.3x. We increase our 2023 EPS estimate by $0.75 to $17.00 and 2024’s by $0.40 to $15.95. Loan growth remains critical to net interest income (NII) and non-interest income in 2023-2024, assuming economic growth. NII rose 30% Y/Y, with a rise in interest rate spread to 2.00% vs. 1.79% Y/Y (1.97% Q/Q) and total loans +17% Y/Y, while deposit-related fees were -4%. Consumer net revenue was +29%, with banking/wealth management +43%, home lending +36%, and card services and auto +7%. Commercial banking revenue was +32%, with middle markets +37% (gaining market share), corporate client banking +15%, and commercial real estate +48%. Investment banking fees were -2% Y/Y, with M&A advisory -10%, equity underwriting -6%, and debt underwriting

JPMorgan CFO Says Investment Banking Outlook Is A Bit More Optimistic Compared To Last Quarter.