Wells Fargo Sees JPMorgan (JPM) Best Positioned in its History, PT Raised to $195

Wells Fargo analyst Mike Mayo raised the price target on JPMorgan (NYSE: JPM) to $195.00 (from $190.00) on the belief that the company has the best structural positioning in its history.

The analyst reiterated an Overweight rating, stating "JPM looks like it will exit the recession stronger than it entered it. That’s given the combination of accelerated investing through the downturn($12B; up 1/4th YoY and about double over five years) and leading pre-pandemic positioning (leader in each of its 4 LOBs)." "We are increasing our price target from $190 to $195 (implies 2.3x est. 2021 y/e book value), set a 3-year target of $230 (=1/2 stock upside), and increase estimates to roughly 10% above consensus for 2021-2023E. We forecast benefits from costs, credit, capital markets, and returns that increase by est. one-third over 3 years that justifies a higher stock valuation."

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