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04.10.2022 13:42:05

Citi launches 'positive capital watch' on JPMorgan Chase

Citi analyst Keith Horowitz on Tuesday launched a "positive catalyst watch" on buy-rated JPMorgan Chase & Co. ahead of the Dow Jones Industrial Average component's earning update on Oct. 14. "We believe a 3Q earnings beat on the top line will lead to upward revisions on full-year guidance and imply a better run-rate into 2023," Horowitz said. Analysts are currently forecasting third-quarter earnings of $2.93 a share for JPMorgan, according to FactSet data. JPMorgan was among Citi's "stronger conviction" buys, along with Goldman Sachs Group Inc. , Comerica Inc. and Bank of New York Mellon Corp. . Horowitz said the bank stocks remain "oversold due to credit concerns." Shares of JPMorgan Chase are down 32% in 2023, compared to an 18.8% loss by the Dow Jones Industrial Average. Goldman Sachs shares are down 21.8% and Comerica stock is down 16.1% in 2022, while Bank of New York Mellon shares are down 31.7%. Citi also upgraded Bank of New York Mellon Corp. to buy from neutral and cut its rating on M&T Bank Corp. to neutral from buy. Horowitz initiated a pair trade of overweight Wells Fargo & Co. and underweight Truist Financial . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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