JPMorgan Stock Marks A New 52-Week High, Still A Buy

JPMorgan Chase & Co JPM stock recorded a new 52-week high of $173.35 on Jan. 4. The stock was up 25% over the past year, which was achieved during the past two months.

With both macro and business-specific trends in its favor, JPMorgan appears positioned to head further north in 2024.

The new 52-week high was buoyed by investor optimism associated with the bank’s potential. While many might consider a profit-taking opportunity at a 52-week high level, JPM stock didn’t appear to indicate a forthcoming correction on the charts.

And, the OBV (on-balance volume) indicator was rising. A rising OBV reflects positive volume pressure that can lead to higher prices.

Bank of America Corp.’s BAC Securities wing, in a note to clients on Thursday, indicated a compelling opportunity U.S. banking stocks.

U.S. banking stocks, particularly within the mega-cap bank group, are currently trading at a 50% price-to-earnings discount compared to the S&P 500, presenting a compelling risk/reward opportunity. The investment bank is notably bullish on regional banks, citing economic rebound as a key driver for their growth.

See Also: Top Bank Stock Picks For 2024: ‘Valuations Are At 50% Discount To S&P 500,’ Analysts Say

Wall Street analysts are overall bullish on JPMorgan stock with a consensus Buy rating. Ebrahim Poonawala of BofA Securities has a price target of $188 while Barclays’ Jason Goldberg has a price target of $212. Both analysts provided their ratings in January 2024.

On a fundamental level, JPMorgan’s continuous growth in market share and improved operational efficiencies will likely fuel its upward momentum, supporting the rise in its stock value.

Positioned favorably for the anticipated bullish market in 2024, JPMorgan’s robust balance sheet and global leadership affirm its readiness to benefit from the bank stocks’ anticipated surge.

Now Read: JPMorgan, Bank of America And Other Financial Stocks From Wall Street’s Most Accurate Analysts

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