Credit Agricole's Mike Mayo Cuts JPMorgan (JPM) from Outperform to Underperform

Article Stock Quotes (1) Comments (0)

Credit Agricole's noted banking analyst Mike Mayo issued a two-notch downgrade on shares of JPMorgan (NYSE: JPM) Friday morning. The analyst now rates the stock an Underperform, down from Outperform previously. Amid the call, Mayo maintained a $43 price target.

JPMorgan shares are down more than 1 percent in pre-market action to around $42.56.

The downgrade follows a 3 percent move lower in shares of JPMorgan since Wednesday and an 8 percent decline since the beginning of April.

Mayo noted JPMorgan's stock is now above the value of the bank's parts. Although JPMorgan offers a "best-in-class" investment among conglomerates, the bank is "not best-in-class in each business where it operates."

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

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• JPMorgan (JPM) Shareholders Support Dimon in Dual Role
• JPMorgan Chase Declares Common Stock Dividend and Reports on Preliminary Vote Results at Annual Meeting of Shareholders
• UPDATE: Lazard Capital Downgrades Warner Chilcott (WCRX), Says Deal Could Fall Through

Create E-mail Alert Related Categories

Downgrades, Hot Downgrades

Related Entities

JPMorgan, Mike Mayo, Credit Agricole

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?