Citi downgraded JPMorgan to Neutral from Buy with an unchanged price target of $160 ahead of the Q2 results. JPMorgan is viewed as a high-quality franchise with a strong management team and balance sheet and in turn is rewarded with a premium valuation, the analyst tells investors in a research note. The firm says the stock has been a top performer year-to-date as the market shifted towards higher quality names. JPMorgan’s premium valuation has returned, warranting a move to the sidelines, says Citi.
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