JPMorgan's Q2 Outperformance Bolsters Confidence In Its 2025 Outlook

Shares of JPMorgan Chase & Co JPM came under pressure on Wednesday, even after the company on Tuesday reported upbeat second-quarter earnings.

The announcement came amid an exciting earnings season. Here are some key analyst takeaways.

Keefe, Bruyette & Woods On JPMorgan

Analyst Christopher McGratty reiterated an Outperform rating, while lowering the price target from $330 to $327.

JPMorgan's second quarter results reflected "Scale, Consistency, and Deregulation," McGratty wrote in a note. The company's earnings upside was driven by better fees and lower credit costs, somewhat offset by lower net interest income (NII), he added.

Management raised their 2025 NII guidance to around $95.5 billion, from their previous projection of around $94.5 billion, the analyst stated. He raised the earnings estimates for 2025 from $18.00 per share to $19.15 per share to reflect a quarterly beat and stronger fees, and for 2026 from $19.50 per share to $20.00 per share to reflect stronger revenues.

Check out other analyst stock ratings.

Goldman Sachs On JPMorgan

Analysts maintained a Buy rating and price target of $336.

JPMorgan reported second-quarter earnings of $5.24 per share, beating the consensus of $4.46 per share, with core earnings of $5.10 per share coming in higher than the consensus of $4.72 per share, the analysts said.

"Despite lower 2Q25 NII and expenses, the company increased the 2025 NII and expense guides, with the net PPNR impact of the NII more than outweighing the expense increase by $500mn," he wrote.

JPMorgan has "substantial excess capital," which it should be able to use for organic and inorganic growth, dividends, and buybacks, the analyst added.

UBS On JPMorgan

Analyst Erika Najarian said that JPMorgan's NII missed expectations by 10 cents per share, with the net interest margin coming in 14 basis points lower than expected, Naranjan said. JPM raised its NII ex-markets forecast by $2 billion, and NII firmwide forecast by $1 billion, he added.

"JPM appeared particularly conservative when reflecting Liberation Day effects in 1Q allowance, especially relative to peers," the analyst wrote. Investors are keen to know what JPMorgan intends to do with its "material excess capital," he further stated.

JPM Price Action: JPMorgan Chase shares were down 0.25% at $285.82 on Wednesday, according to Benzinga Pro.

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