5 Prominent NYSE Stocks That Hit 52-Week Highs This Week

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 109

YTD Performance as of December 22: 24.83%

JPMorgan Chase & Co. (NYSE:JPM) is one of the leading financial institutions in the US with a history dating back over 200 years. It provides services including investment banking, financial services for consumers and small business, commercial banking, financial transactions processing and asset management. It had $3.9 trillion in assets, as of September 30, 2023.

On November 16, Oppenheimer analyst Chris Kotowski raised the price target for JPMorgan Chase & Co. (NYSE:JPM) shares to $243 from $233 and maintained an ‘Outperform’ rating for its shares. The target price represents a potential upside of 45.16% based on the share price on December 22.

In its “Mairs & Power Growth Fund” Q3 2023 investor letter, Mairs & Power, an investment advisor, made the following comments about the near term future of AI and efforts being made by JPMorgan Chase & Co. (NYSE:JPM) to benefit from AI advancements:

“Artificial intelligence (AI) remains in the forefront of investors’ minds. We believe that AI will have a profound effect on the economy and society over the coming years. Yet, we are also cognizant that new technologies can often take years, if not decades, before they develop into profitable businesses. We remain skeptical of the lofty valuations of these names and have been trimming our holdings accordingly. We believe AI will have the largest impact in the near term on large enterprises that can harness AI to increase the productivity of their workforces and improve the experience of their customers. For instance, JPMorgan Chase & Company (JPM) employs more than 900 data scientists, 200 AI researchers, and 600 machine learning engineers, and is building out its own AI data center. The company expects to deliver more than $1.5 billion in business value from AI efforts in 2023.”

As of Q3 2023, JPMorgan Chase & Co. (NYSE:JPM) ranks highest on our list of 15 prominent NYSE stocks that hit 52-week highs this week in terms of hedge fund sentiment. It was the most sought-after stock among the 910 hedge funds tracked by Insider Monkey as 109 of these hedge funds held its shares valued at $6.7 billion.

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