"Buy" Rated JP Morgan Chase's Price Target Increased by Normura Securities (JPM)

“Buy” Rated JP Morgan Chase’s Price Target Increased by Normura Securities (JPM)


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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.