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

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.

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