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Citi Upgrades JPMorgan to Buy as Valuation is No Longer Premium

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Citi Upgrades JPMorgan to Buy as Valuation is No Longer Premium

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JPM

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By Senad Karaahmetovic

Citi analyst Keith Horowitz upgraded shares of JPMorgan (NYSE:JPM) to Buy from Neutral with a $135 per share price target, down from $145.

The analyst describes JPM’s valuation as “no longer premium” while “higher capital levels (and limited buybacks) now seem priced in.” Moreover, Horowitz said he still sees upside on EPS.

“We believe investors will first look to high-quality franchises with strong management teams and a sound balance sheet, and we believe JPM fits this narrative. Given the YTD pull back in the stock, we believe the market is no longer reflecting a premium valuation and we view this as an attractive entry point,” Horowitz wrote in a research note.

On the other hand, the analyst cut the rating on Regions Financial (NYSE:RF) to Neutral from Buy as Citi sees “limited EPS upside from higher rates.”

Horowitz also slashed price targets for Bank of America (NYSE:BAC) to $40 per share from $47, for Goldman Sachs (NYSE:GS) to $360 from $400, and for Wells Fargo (NYSE:WFC) to $47 from $56.

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Citi Upgrades JPMorgan to Buy as Valuation is No Longer Premium

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