These Analysts Revise Their Forecasts On JPMorgan After Upbeat Q3 Results

JPMorgan Chase & Co. JPM reported better-than-expected third-quarter FY24 earnings on Friday.

Reported revenue rose 7% year-on-year to $42.654 billion, beating the consensus of $41.649 billion. Net revenue (managed) stood at $43.3 billion (+6% Y/Y) in the quarter. Net income fell 2% Y/Y to $12.90 billion in the quarter. EPS of $4.37, exceeding the consensus of $4.00.

JPMorgan said it now expects FY24 net interest income, excluding Markets, of ~$92.5 billion (up from ~$91 billion earlier). The bank continues to project card services NCO rate of ~3.40%.

Jamie Dimon, Chairman and CEO, said, “We await our regulators’ new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR…Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion.”

JPMorgan shares fell 0.6% to trade at $221.00 on Monday.

These analysts made changes to their price targets on JPMorgan following earnings announcement.

• Evercore ISI Group analyst Glenn Schorr maintained JPMorgan Chase with an Outperform and raised the price target from $217 to $230.
• RBC Capital analyst Gerard Cassidy maintained JPMorgan Chase with an Outperform and boosted the price target from $211 to $230..
• Barclays analyst Jason Goldberg maintained JPMorgan with an Overweight and raised the price target from $217 to $257.
• Oppenheimer analyst Chris Kotowski maintained JPMorgan with an Outperform and lowered the price target from $234 to $232.

Considering buying JPM stock? Here’s what analysts think:

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