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HomeBusinessJPMorgan’s Price Target Boosted at Baird

JPMorgan’s Price Target Boosted at Baird

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Baird analysts increased their price target on JPMorgan (NYSE:JPM) to $185 from $175 while maintaining a Neutral rating on the stock. The analysts noted that the takeaways from the recent investor day were not particularly eventful. The bank’s updated 2024 net interest income (NII) guidance was expected, and the outlook for capital markets remained conservative.
The analysts attributed the day’s weakness to a lack of enthusiasm for stock buybacks at current prices and a shorter CEO transition timeline. They agreed that repurchasing stock at approximately 2.25 times tangible book value (TBV) is not the best use of capital and still view the risk/reward profile of JPM as mildly unattractive at current prices.

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