Wells Fargo upgraded JPMorgan to overweight from equal weight, saying that the banking giant is a source of stability amidst uncertainty in the sector.
JPMorgan Chase is a source of strength during an uncertain time for the banking sector, according to Wells Fargo. The firm upgraded JPMorgan to overweight from equal weight. Analyst Mike Mayo also raised his price target to $155 from $148, which implies 16% upside from Friday's close price. "JPM epitomizes our theme of 'Goliath is Winning,'" Mayo wrote in a client note on Monday.
The analyst also thinks that the company's "multi-channel, multi-product and multi-geographical approach" has previously helped it excel when other financial firms were facing issues. Wells Fargo estimates that the bank's operating leverage should become positive in 2023 after two negative years, even as its investment spend remains elevated. To be sure, Mayo said that regulatory capital and other costs could challenge JPMorgan.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FDIC's Takeover of SVB Sparks Bank Runs, BoA & Wells Fargo FearsSVB's collapse has sparked bank runs at branches across the country, and now ... additional fears are percolating that even more big banks could be next in having the FDIC step in and take over.
Read more »
Direct deposits not showing up in some Wells Fargo customer accounts, here's whyWells Fargo says that a 'technical issue' is responsible for some customers not receiving direct deposit payments causing them to overdraft or see a zero balance.
Read more »
Raducanu reaches Indian Wells third roundEmma Raducanu knocked out Polish 20th seed Magda Linette 7-6(3) 6-2 on Saturday to reach the third round of Indian Wells and notch her biggest win since triumphing at the U.S. Open in 2021.
Read more »
Raducanu says luck cuts both ways after advancing at Indian WellsBritain's Emma Raducanu has learned that good fortune can be fleeting and bad luck can cruelly compound itself but said she is on the upswing following her second-round victory at Indian Wells on Saturday.
Read more »
Fritz survives Shelton scare to reach Indian Wells third roundDefending champion Taylor Fritz overcame a stiff challenge from fellow American young gun Ben Shelton to advance 4-6 6-4 6-3 into the third round of Indian Wells on Saturday.
Read more »