Cautious Hold Rating on JPMorgan Chase Amid Macroeconomic Uncertainties and Valuation ConcernsWe lower FY25e earnings by ~10% as we adjust other income and OPEX estimates, while increasing NII and provisions estimates. We lower the beta to 1.1 (prev. 1.4) to better reflect JPM’s position. Our GGM valuation assumes 2.37x an ROE estimate of 19.5%. We like JPM for its ability to continue growing revenue in all its segments, particularly in Consumer & Corporate & Investment Banking. Despite JPM raising its FY25e guidance, we are cautious due to headwinds from a) macro uncertainties such as trade tensions and policy shifts, which would increase provisions and NPLs, and b) interest rate cuts, which could hurt NII and lower margin expectations. Valuations are also rather full, with JPM’s P/E ratio at ~15x (vs 10-year average of ~11.6x) and P/B ratio at ~2.5x (vs 10-year average of 1.5x).