Phillip Securities analyst Glenn Thum maintained a Buy rating on JPMorgan Chase (JPM – Research Report) today and set a price target of $252.00.
Glenn Thum has given his Buy rating due to a combination of factors including JPMorgan Chase’s strong performance in non-interest income, which has been a significant driver of earnings growth. The bank has seen a notable increase in trading, asset management, and investment banking income, contributing to a 17% year-over-year growth in non-interest income. This growth is supported by strong performance in equity markets, particularly in derivatives, and higher asset management fees driven by strong net inflows and higher average market levels.
Despite challenges such as flat net interest income and increased expenses and provisions, JPMorgan Chase has demonstrated resilience through its ability to grow revenue across various segments. The bank’s strategic focus on Consumer & Community Banking and Corporate & Investment Bank has been effective, and its strong growth in management fees and continued net inflows are expected to sustain earnings momentum. These factors, along with a dividend payout increase and significant stock repurchases, underpin Thum’s positive outlook on the stock.
In another report released on April 11, Bank of America Securities also reiterated a Buy rating on the stock with a $281.00 price target.