JPMorgan initiated with a Hold at Jefferies

Jefferies analyst David Chiaverini initiated coverage of JPMorgan (JPM) with a Hold rating and $310 price target The firm sees the bank’s “best-in-class franchise” being supported by “unmatched scale and capital flexibility,” but views this as tempered by slower expected EPS growth than at peers, elevated expense growth, softer consumer deposit trends and a premium valuation, the analyst tells investors.