JPMorgan Exhibits 'Strong Expense Discipline' In Q4; Analysts See Backend-Loaded 2025

JPMorgan Chase & Co JPM reported strong fourth-quarter results, along with solid results by other US big banks.

The company reported its quarterly results amid an exciting earnings season. Here are some key analyst takeaways.

Goldman Sachs On JPMorgan Chase

Analyst Richard Ramsden maintained a Buy rating, while lifting the price target from $273 to $295.

JPMorgan Chase reported fourth-quarter earnings of $4.81 per share, surpassing consensus of $4.08 per share, with core earnings also beating estimates, Ramsden said in a note. "The company also demonstrated strong expense discipline, with core expenses ~1% below the Street, despite stronger revenue," he added.

Management reiterated adjusted expenses for 2025 at around $95 billion, the analyst stated. "We view results and the 2025 NII (net interest income) and expense trajectory as better than expected," he further wrote.

Check out other analyst stock ratings.

Truist Securities On JPMorgan Chase

Analyst John McDonald reiterated a Hold rating and price target of $260.

JPMorgan Chase raised its 2025 NII ex-markets guidance to around $90 billion, "with lower short rates expected to produce sequential declines in 1H25 before flipping to sequential increases in 2H25 on loan/deposit growth," McDonald said.

The CFO indicated that JPMorgan Chase's overall deposit margin remains elevated, although "it’s still unclear if these current levels are truly sustainable through the cycle," the analyst stated. "Management noted they’re comfortable with this current level of excess capital and don’t believe it needs to grow any more," he further wrote.

JPM Price Action: Shares of JPMorgan Chase were up 0.4% to $253.26 at the time of publication on Thursday.

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