Opinions David Burrows
JP Morgan Chase & CoJPMCOMMENTJul 11, 2013
David BurrowsStock price when the opinion was issued
As of Oct 20, 2026. Market Open.
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They just reported a clear top and bottom line miss, though net interest income beat. The non-interest income and asset management missed. Expenses rose faster than revenue. Shares fell at first, but recovered when management offered a a positive forecast. Overall, results were mixed but the outlook makes this a winner.
It's all about the scale, and JPM's scale is tremendous. Largest US bank, and in over 100 countries. Built for almost any type of economic environment. Multiple revenue engines. Announced $50B share buyback. Strong performance due to increasing confidence about the economy.
Chart shows 200-day MA trending higher, and series of higher highs and higher lows. Yield is 1.71%.
Stan WongLikes for the long term. Big selloff today is hitting all financials, probably something to do with this afternoon's Fed decision. Good holding long term. Valuations are getting up there, but still making a lot of money.
Tim ReganThere is also a Canadian CDR (hedged) version but he prefers the actual stock in US dollars. He doesn't like the hedged versions of stocks which neutralize the foreign exchange component and prefers the benefit of owning companies in US dollars. He owns this and other US financials. Canadian banks have done very well.
Gordon ReidStill the biggest and best global bank in the world. A good time to buy is any day that ends in "y".
Brian MaddenVery good dividend growth trajectory last 10 years. Share buybacks. Best risk manager in the US banking space -- saw that firsthand in 2008. Keeps getting better and better. Yield is 1.95%.
(Analysts’ price target is $343.06)
Darren SissonsBit of delay in reward, but whole banking sector's in a great position. Tons of capital markets business coming on. Yield curve steepening is really the money driver behind borrowing/lending. Very strong trading numbers.
Gordon ReidCapital markets broadly are improving, so more investment fees should come through. Deregulation coming through, consumer not as badly off as feared. Good place to start looking, given the sector's lagged. Yield is 2%.
Stan WongAll the North American banks had a great 2025. JPM is the most profitable US one. The dividend yield is rising and financial results have been strong. Is the US bank to own.
Christine Poole
Best bank in the world. Owned in his firm's momentum and dividend-growers mandates.
Likes US banks, but likes Canadian banks better due to the tighter oligopoly and better ROEs. US money-centre banks are technology- and scale-advantaged compared to regionals.
Brian Madden
US banks versus Canadian banks? If you have a group of companies that are fundamentally sound but are seeing net improvements from the margin like the US banks are seeing, and you compare them to a group likes the Canadian banks, relatively more expensive but the margins are seeing slowdowns, Canadian banks are likely to see contraction in the multiples and he feels you can get expansion in the multiples in US banks. This one was able to dance through the damage without getting winged too badly so their management group should have pretty strong credibility and probably should have a multiple that is higher than the group. Yield is about 3% and there hasn’t been a lot of dividend increases because the Fed has held all of them back.