Goldman Sachs Bets On JPMorgan, Praises Market Share Gains, Efficiency

Goldman Sachs analyst Richard Ramsden raised the price forecast on JPMorgan Chase & Co. JPM from $276 to $303, while reiterating a Buy rating following its investor day on Monday.

CEO Jamie Dimon warned that markets are displaying an “extraordinary amount of complacency” in the face of mounting risks from tariffs, record U.S. deficits and geopolitical tensions.

Also, JPMorgan reaffirmed its 2025 expense and net interest income guidance, projecting $90 billion in core lending revenue with an additional $4.5 billion possible from trading, depending on market conditions.

The bank expects investment banking fees to drop by a “mid-teens” percentage in the second quarter compared to last year, reflecting a slowdown in dealmaking as corporate clients adopt a cautious, wait-and-see approach.

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The analyst writes that he believes the bank has outlined a compelling strategy for long-term growth, based on market share gain across all its essential business segments and operational efficiency.

A particularly notable element is the company’s ambitious vision for CCB, indicating significant room to strengthen its position in card, consumer, and business banking, despite its already considerable market presence, adds the analyst.

Additionally, Ramsden says that the bank consistently reiterates its substantial excess capital, which it intends to allocate toward both organic expansion and potential acquisitions, boosting the balance sheet and providing higher returns to shareholders over time.

Consequently, the analyst lowered its EPS estimates in 2026E/27E by 1%.

JPM Price Action: JPMorgan Chase shares are up 0.098% at $265.13 at publication on Tuesday.

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