HSBC analyst Saul Martinez has maintained their bullish stance on JPM stock, giving a Buy rating on January 5.
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Saul Martinez’s rating is based on his view that JPMorgan Chase will continue to deliver solid earnings growth and strong returns on equity, supported by a favorable operating environment for large US banks. He expects JPMorgan’s capital position, diversified business mix, and disciplined risk management to underpin resilient profitability even as the broader sector becomes more selectively valued. While he acknowledges that much of the positive regulatory and capital markets backdrop is already reflected in universal bank valuations, he still sees JPMorgan as one of the better-positioned franchises to sustain attractive returns.
Martinez also factors in refined long-term assumptions that modestly increase his target price, driven by structural improvements in JPMorgan’s efficiency and balance sheet returns rather than aggressive forecasting. He anticipates that management commentary around 4Q25 results will reinforce confidence in the 2026 outlook, further supporting the investment case. Overall, he believes the prospective total return from current levels remains compelling enough to justify a Buy rating, despite a more demanding valuation backdrop for universal banks and brokers.
In another report released on January 5, Barclays also maintained a Buy rating on the stock with a $391.00 price target.