UPDATE: Societe Generale Upgrades JPMorgan (JPM) to Buy, 'Positive on NII, credit quality and IB trading'

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(Updated - May 24, 2022 12:49 PM EDT)

Societe Generale analyst Andrew Lim upgraded JPMorgan (NYSE: JPM) from Hold to Buy with a price target of $150.00 (from $145.00).

The analyst comments "JPM delivered positive guidance on NII, credit quality and IB trading revenues yesterday, lifting the stock significantly. There is still uncertainty on buybacks this year in our view, which will likely be under pressure near term, although we think JPM will be able to earn its way back to stronger capital ratios and shareholder returns in the medium term. We trim our EPS estimates, with modestly higher NII offset by higher costs and loan losses. However, our TP increases slightly to $150 (from $145) given our more optimistic view on excess capital generation from 2023. With the stock down materially ytd, we think too much negativity is priced in due to recession fears and we upgrade to Buy. 12m TSR is 24%."

For an analyst ratings summary and ratings history on JPMorgan click here. For more ratings news on JPMorgan click here.

Shares of JPMorgan closed at $124.60 yesterday.

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