JPMorgan (JPM) PT Raised to $230 at Evercore ISI

Evercore ISI analyst Glenn Schorr raised the price target on JPMorgan (NYSE: JPM) to $230.00 (from $217.00) while maintaining a Outperform rating.

The analyst comments "Shares of JPM popped 4.44%, outpacing the BKX +3.04%, on a strong 3Q & better-than-expected indications for 2025 NII, with expectations for a mid-year trough before Card, curve & eventually other loan driven growth help in 2H25. We think positioning was bearish heading into the print on fears that the stock would give back some of its strong run if Jamie talked numbers down further after Daniel Pinto heat-checked NII and expense expectations at a recent industry conference. Outside of NII, 3Q results were strong across the investment bank (2x the growth they predicted at Barclays), asset & wealth mgmt. and Cards, and JPM has tons of excess capital to work with (but are waiting conservatively given multiple macro risks). Jamie spoke directly to the cash build up saying he prefers to wait and see how various macro factors develop before piling in, furthermore, with an inverted yield curve, long duration bets don’t make sense. As always, he’s probably right on all fronts given geopolitical, economic, Fed and election risks and he probably still thinks they’re over-earnings on credit still (but maybe not NII anymore). With the cash build and CET1 stable at 15.3%, ROE might come in some but that’s OK in our view as we trust JPM to invest in organic growth (though we think they could do more in private markets), continue to fuel a healthy dividend and keep “cash in store” while they wait on better opportunities for both buybacks and liquidity deployment. Tough to get too excited about buying aggressively at 2.5x tangible, but our gut is shareholders sit tight as JPM’s is always investing for future growth and somehow finds a way to keep growing into its valuation."

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