Baird analyst David George upgraded JPMorgan (JPM) to Neutral from Underperform with an unchanged price target of $280. Following the recent underperformance, the stock’s risk/reward is “more reasonable but not attractive for new money,” the analyst tells investors in a research note. Baird now finds it difficult to make the short case for “a best-in-class franchise.” It does not recommend adding to short positions at current prices. JPMorgan is “very well-positioned to take market share throughout its businesses while expanding margins and returns,” contends Baird.
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