Opinions Paul Harris, CFA
JP Morgan Chase & CoJPMBUYJan 08, 2020
Paul Harris, CFAStock price when the opinion was issued
As of Oct 21, 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
JPM vs. BAC Both are first-class banks. He owns JPM which trades at a much higher valuation than BAC. Both are tops in their business lines. For the next 5-10 years they'll be in a sweet spot of reducing costs with few regulatory issues to deal with. They'll use tech to drive their business, an advantage for larger banks who can afford that. They will do some small acquisitions. They should be trading at higher multiples. Cash flow allows them to raise dividends and buyback shares. Their payout ratios are much lower than those of Canadian banks.