JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
On Wednesday, Truist Securities maintained its Hold rating on JPMorgan Chase & Co. (NYSE:JPM) shares with a steady price target of $268.00. Truist’s analyst highlighted key points from a recent investor meeting with JPMorgan’s Chief Financial Officer, Jeremy Barnum. The discussion centered on the current volatile economic environment and the potential risks to the overall outlook.
Barnum pointed out that while there are signs of slight weakness in consumer card spending and credit revolve, the U.S. economy has historically shown resilience against various shocks. He noted that JPMorgan’s customer base, which leans towards the prime end of the spectrum, has remained relatively stable throughout the current economic cycle. The bank’s financial strength is evident in its impressive 14-year streak of dividend increases, with a current yield of 2.18%. InvestingPro subscribers can access 10+ additional exclusive insights about JPM’s financial health and market position.
Despite the uncertainties, JPMorgan is taking steps to manage its expenses more tightly. Management has been emphasizing the importance of operating within set budgets, especially after years of mid-to-high single-digit percentage annual increases in expenses. The company has provided guidance for expected expenses around $95 billion in 2025, which is approximately $30 billion more than in 2020. Additionally, JPMorgan’s total headcount has grown to 317,000 in 2024, up from 255,000 four years prior.
The CFO’s comments reflect the bank’s cautious approach in navigating through a dynamic and uncertain economic landscape. JPMorgan’s focus on containing expense growth and its attention to the prime customer segment seem to be strategic moves in response to the current economic conditions.
Truist’s reaffirmation of the Hold rating and price target suggests a wait-and-see approach to JPMorgan’s stock, as investors consider the bank’s strategies and the broader economic climate. The price target of $268.00 remains unchanged following the insights shared by the CFO.
In other recent news, JPMorgan Chase & Co. received an upgrade from Baird analysts, who adjusted the stock’s rating from Underperform to Neutral and increased the price target to $220. This adjustment reflects Baird’s view of JPMorgan’s strong market position and robust capital strength, which provides flexibility for investment and capital return strategies. Furthermore, JPMorgan is facing a series of layoffs as part of a broader plan to reduce its workforce through 2025, with the bank conducting layoffs in stages across various departments. In a separate development, the U.S. Consumer Financial Protection Bureau has dropped its lawsuit against JPMorgan, Bank of America, and Wells Fargo (NYSE:WFC) regarding the handling of the Zelle payment service. Meanwhile, Cineworld Group is planning to appoint JPMorgan as an advisor for a potential IPO and to explore merger opportunities in the United States. Additionally, JPMorgan’s senior dealmaker in the natural resources team, Daniele Apa, has retired after a notable career at the firm. These developments highlight JPMorgan’s ongoing strategic adjustments and its involvement in various financial activities.
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