UBS Downgrades JPMorgan (JPM) to Neutral

UBS downgraded JPMorgan (NYSE: JPM) from Buy to Neutral with a $64 price target.

Analyst Brennan Hawken said, "We are downgrading JPM as there is not sufficient upside to our price target and we are unconvinced that JPM's multiple will expand in the current environment. We continue to believe JPM has an outstanding franchise and is a very well-run bank. However, we would prefer to own earnings recovery stories, as we believe they present more opportunities for alpha than the stable franchises. Specifically, given the secular pressures on the business plus the nearly insatiable appetite for fines by regulators, we would rather not be reliant on the environment improving."

For an analyst ratings summary and ratings history on JPMorgan click here. For more ratings news on JPMorgan click here.

Shares of JPMorgan closed at $59.77 yesterday.

You May Also Be Interested In

• TechnipFMC (FTI) PT Raised to $30 at BTIG
• Procter & Gamble (PG) PT Raised to $185 at Argus
• Monster Beverage (MNST) cut to sell at Truist as its 'no longer see it as a high growth story'