JPMorgan initiated with a Hold at Truist

Truist analyst John McDonald initiated coverage of JPMorgan (JPM) with a Hold rating and $260 price target as part of a broader research note launching coverage of U.S. Large-Cap banks. Big banks are positioned to leverage embedded offense, cyclical recovery and capital flexibility to drive organic franchise expansion, double digit EPS growth, and attractive ROTCE – return on tangible common equity – over FY25 and FY26, the analyst tells investors in a research note. JPMorgan is among long-term quality compounders but more fairly valued, Truist states however, adding that the company also enters the year at record premium valuation with retirement of its “GOAT” CEO in the line of sight over the next two years.