JP Morgan Chase’s (NYSE:JPM) chief market strategist, Marko Kolanovic, is leaving the bank after 19 years to explore other opportunities, according to an internal memo accessed by Bloomberg. The memo indicated that the co-head of global research, Hussein Malik, will now lead global research alone.
Why Is Kolanovic Exiting JPM?
Kolanovic’s departure follows a poor record of stock market predictions over the past two years. Kolanovic remained stubbornly bullish in 2022 even as the S&P 500 Index (SPY) dropped by 19%, while strategists across Wall Street lowered their expectations for the stock market.
In contrast, under Kolanovic, JP Morgan had a bearish outlook on U.S. equities just as the stock market hit bottom last year, which contrasted with the more optimistic forecasts from other major banks.
Is JPM a Buy or Sell?
Analysts remain bullish about JPM stock, with a Hold consensus rating based on five Buys, six Holds, and four Sells. Over the past year, JPM has increased by more than 40%, and the average JPM price target of $213.82 implies an upside potential of 2.6% from current levels.
