JPMorgan (JPM) has released its list of top short ideas for the second half of 2025, spotlighting stocks it believes are positioned to decline in value. The picks span several sectors, including technology, consumer, healthcare, and financials. Among the most notable names are Tesla (TSLA), Moderna (MRNA), Whirlpool (WHR), and Shake Shack (SHAK).
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Nine stocks JPMorgan says to short in H2 2025
Tesla, a $1.01 trillion company, is down around 22% year-to-date. JPMorgan analysts believe its valuation remains elevated relative to the rest of the Magnificent Seven, even with earnings expected to fall for the third consecutive year. Reduced EV subsidies and weak operating margins are part of the concern. There’s also skepticism around its robotaxi roadmap, which JPMorgan says lacks sensor redundancy.
Meanwhile, Moderna has dropped 19% in 2025 despite a recent bounce of more than 20%. JPMorgan cites continued cash burn, regulatory headwinds, and no clear near-term growth drivers. The firm’s analysts do not expect a significant rebound in the stock, though TipRanks data shows an average price target that implies 40% upside.
Another notable name is Whirlpool, which is rated Neutral, but JPMorgan sees downside risk following a sharp 38% rally since June. Analyst Michael Rehaut says the stock is trading at a valuation premium of over 15% above its historical averages. While WHR could benefit from U.S. tariffs due to its domestic manufacturing base, Rehaut believes its performance has run ahead of fundamentals.
Other stocks on the short list include Shake Shack, which trades at 467 times earnings; Mobileye (MBLY), Intel (INTC), Bumble (BMBL), Comerica (CMA), and Rivian (RIVN). Each carries an Underweight rating from JPMorgan and is flagged for sector-specific challenges or valuation risk.
Using TipRanks’ Comparison Tool, we’ve assembled and compared the nine stocks JPM thinks are going to drop. This tool helps you gain a broader perspective on each stock’s performance and fundamentals.
This list comes at a time when major indexes have bounced back to record highs. The S&P 500 (SPY) and Nasdaq are showing strength, but JPMorgan’s cautious picks reflect lingering concern about policy uncertainty and profit outlooks.
Investors can track these names closely through TipRanks’ analyst consensus, price target forecasts, and Smart Score data to weigh the broader sentiment. As the second half unfolds, JPMorgan’s bearish calls offer a watchlist of names where Wall Street sees limited upside and growing risks.