JPMorgan (JPM) PT Raised to $230 at CFRA

CFRA analyst Kenneth Leon raised the price target on JPMorgan (NYSE: JPM) to $230.00 (from $215.00) while maintaining a Buy rating.

The analyst commented, "We raise our 12-month target price by $15 to $230 using a forward P/E of 13.5x, a premium to the five-year historic average at 12.3x. We increase our 2024 EPS estimate by $1.95 to $18.45 given the outsized earnings beat in Q2 at $6.12 versus consensus at $4.51. We keep our 2025 EPS estimate at $17.00, just above prior consensus at $16.74 per share. JPM posted Q2 revenue of $50.2B, well above the $45.7B consensus estimate that we think is tied to strong non-interest income up 41% Y/Y, while net interest income was up 4%. The Commercial & Investment Banking division posted a 9% increase in revenue to $17.9 billion. Loan revenue was $1.9 billion, up 11% Y/Y, and investment banking revenue was $2.5 billion, up 46% from last year's weak results. Equity underwriting revenue was up 56% Y/Y and 39% Q/Q, while debt underwriting was up 51% Y/Y, but only up 1% Q/Q. Advisory fees, such as M&A fee revenue, were up 45% Y/Y and up 31% Q/Q. In June, JPM's board of directors authorized a 9% dividend increase."

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