KBW: 'JPMorgan (JPM) More of a Risk-Off Stock'; PT Raised to $264

Keefe, Bruyette & Woods analyst David Konrad raised the price target on JPMorgan (NYSE: JPM) to $264.00 (from $257.00) while maintaining a Market Perform rating.

The analyst commented: "JPM reported a solid quarter with a $0.31 revenue beat to our estimate, largely due to fee income. That said, NII beat by $0.04 in the quarter and the NII guide came in about $1B above expectations for the quarter. The stock did lag the BKX following earnings by just over 200bps, partly due to its 20% premium valuation on 2026 P/E, partly due to management successor uncertainty, and also due to uncertainty around the deployment strategy and timing for excess capital. JPM continues to demonstrate that it is a best-inclass name; however, its stock outperformance historically occurs in a risk-off environment when it can more attractively deploy capital."

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