Opinions
Brian Madden
JP Morgan Chase & Co
JPM-N
TOP PICK
Jun 25, 2025
Stock price when the opinion was issued
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Very efficient, with the lowest overhead ratio and highest ROE of all competitors. Very strong balance sheet, and it's very liquid. Should outperform peers in any type of economic environment. Stock's pulled back on tariff uncertainties about 17% from its highs, now trading ~12.5x forward PE. Increased dividend last week. Yield is 2.42%.
(Analysts’ price target is $257.89)All the US financials have done pretty well, which is a good reflection on the potential of the economy. Her core US bank stock. Great long-term hold. For new $$, wait for a pullback; on down days, you can start to average in. Very well run, lots of excess capital. Plans to grow US presence.
Is the biggest and best of the money centre banks, but trades at 2.2x book value vs. Citi's 0.7-0.8x book. Citi was punished but is under a new CEO. Citi is less exposed to international markets and that volatility. Numbers are showing positive. He likes both. But JPM is fully valued though continues to do good things. The other is a little riskier, but more potential upside.
Just reported a clean top and bottom line beat. Loan loss provisions were lower than expected. Net interest income came in light. All businesses performed well, including commercial/investment banking beat handily while wealth management was in line. They raised full-year net interest income forecast by $1 billion. The CEO did cite risks from tariffs.
A new purchase (June) for the portfolio. Global scale. Quite possibly the best bank in the world. Its smaller wealth management business is a focus for growth. Increasingly, scale matters in banking; secular shift away from regional banks.
(Analysts’ price target is $267.53)Abundant organic growth opportunities, so it pays out a modest 25% of earnings in dividends. Outperforms the Canadian big 6, a rare feat. Robust earnings and dividend growth, compounding ~13% over the last decade. Yield is 1.99%.