Normura Securities analysts raised the price target for JPMorgan Chase & Co. (JPM) from $46 to $47 on Monday.
The financial services giant currently has a “Buy” rating by Normura Securities. The analysts were encouraged by JPMorgan’s third quarter earnings report.
Analyst Glenn Schorr said, “All in, we think it’s a good quarter for JPM and other banks should see similar benefits, but after a good 3Q run-up, stocks have pulled back some as investors see continued headwinds and limited earnings lift near term (we think JPM is better than most).”
The new price target of $47 is a $5.38, or 12.9%, increase from Friday’s closing price of $41.62.
JP Morgan’s share price was mostly flat in morning trading on Monday.
The Bottom Line
Shares of JP Morgan Chase (JPM) have a 2.88% dividend yield, based on Friday’s closing stock price of $41.62. The stock has technical support in the $38 price area. If the shares can firm up, we see overhead resistance around the $44-$46 price levels.
JPMorgan Chase & Co. (JPM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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