JPM Stock: $166 Target From Morgan Stanley

By Amit Chowdhry ● Jul 31, 2021
  • The shares of JPMorgan Chase & Co. (NYSE: JPM) have received a price target increase from $150 to $166. These are the details.

The shares of JPMorgan Chase & Co. (NYSE: JPM) have received a price target increase from $150 to $166. And Morgan Stanley analyst Betsy Graseck is maintaining an “Underweight” rating. 

Earlier this month, JPMorgan announced its Q2 2021 results. The earnings per share and revenue were well above estimates. The net income was $11.9 billion, up $7.3 billion — driven by credit reserve releases of $3 billion compared to credit reserve builds of $8.9 billion in the prior year.

The company’s net revenue of $31.4 billion was down 7%. And noninterest revenue was $18.5 billion, down 7%, driven by lower Corporate & Investment Bank (CIB) Markets revenue and $678 million of markups on held-for-sale positions in the bridge book recorded in the prior year, largely offset by higher Investment Banking fees in CIB, higher card income, and higher asset & wealth management (AWM) management fees. The net interest income was $12.9 billion, down 8%, predominantly driven by lower net interest income in CIB Markets and lower loans in Card.

Jamie Dimon, Chairman and CEO, said that the company extended credit and raised $1.7 trillion in capital for businesses, institutional clients, and U.S. customers in the first half of 2021. And the company is “constantly investing, innovating, and making strategic, add-on acquisitions to better serve our employees, customers, and communities.”

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