JPMorgan (JPM) PT Lowered to $232 at Oppenheimer

Oppenheimer analyst Chris Kotowski lowered the price target on JPMorgan (NYSE: JPM) to $232.00 (from $234.00) while maintaining a Outperform rating.

The analyst commented: "Guide down, print a beat . . . guide down, print a beat , , , So it has been with JPM's net interest income guidance since its 3Q22 earnings call when it indicated that 4Q22 NII would be about $19B, but warned that we shouldn't multiply by four, that next year would be more like $74B. In the quarter that ended just 78 days later, JPM, in fact, printed $20.3B. In 2023, it, in fact, printed $86B (ex-FRC). Earlier this quarter, President Daniel Pinto warned that analysts’ 2025 expectations of $90B were too high but in 3Q24, JPM printed NII of $23.5B versus our and consensus $22.7B, and pointed to $92.5B this year but don't go above $87B for next. The bank has a good story to tell as trading, credit quality, card volumes, and all that good stuff were positive. This is why we recommend the stock, although our PT decreases $2 to $232 on the 2025E trim. Dimon was clearly frustrated that all the questions were about NII, but in our view, banks have only themselves to blame. To be blunt, rate-sensitivity disclosures stink, in our view."

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