Analysts Are Cutting Price Targets of These 5 Stocks

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

Number of Hedge Fund Holders: 112

JPMorgan Chase & Co. (NYSE:JPM) is headquartered in New York City and operates as the largest bank in the United States and the world based on market capitalization. Established in 1799 as the Bank of the Manhattan Company, the firm currently manages approximately $3.74 trillion in total assets, highlighting its extensive presence and scale within the financial industry.

In the first quarter of 2023, JPMorgan Chase & Co. (NYSE:JPM), the American multinational financial services firm, demonstrated strong financial performance. The company returned a substantial $3 billion to shareholders in the form of dividends. Additionally, it reported impressive revenues of $38.3 billion for the quarter, marking a significant increase of 24.8% compared to the same period in the previous year. Keith Horowitz, an analyst from Citigroup, on June 26, reduced the price target for JPMorgan Chase & Co. (NYSE:JPM) from $165 to $160.

Mairs & Power mentioned JPMorgan Chase & Co. (NYSE:JPM) in its Q1 2023 investor letter. Here is what the firm has to say:

“Financials were roiled in the quarter thanks to the Silicon Valley Bank and Signature Bank failures. Even though the Fund has a similar weight to Financials as the index, our bank stocks—US Bank (USB), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo (WFC), and Charles Schwab (SCHW)—fell more than the Financials sector and hurt relative performance. We have performed a thorough analysis of our banking stocks and believe that they will exit this banking event intact, and a few may even benefit from the sector turmoil. For example, JP Morgan, one of the banks deemed “too-big-to-fail,” has benefited from an inflow of deposits from smaller institutions. As such, the Fund took advantage of the volatility in the quarter and added to its position.

With the selloff in the quarter, we have added to US Bank selectively, but more so to JPMorgan as it appears better positioned to gather deposits in the current environment.”

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