Wells Fargo upgraded JPMorgan to overweight from equal weight, saying that the banking giant is a source of stability amidst uncertainty in the sector.
JPMorgan Chase is a source of strength during an uncertain time for the banking sector, according to Wells Fargo. The firm upgraded JPMorgan to overweight from equal weight. Analyst Mike Mayo also raised his price target to $155 from $148, which implies 16% upside from Friday's close price. "JPM epitomizes our theme of 'Goliath is Winning,'" Mayo wrote in a client note on Monday.
The analyst also thinks that the company's "multi-channel, multi-product and multi-geographical approach" has previously helped it excel when other financial firms were facing issues. Wells Fargo estimates that the bank's operating leverage should become positive in 2023 after two negative years, even as its investment spend remains elevated. To be sure, Mayo said that regulatory capital and other costs could challenge JPMorgan.
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