JPMorgan’s 2025, Q4 updates come in better than expected, says Keefe Bruyette

Keefe Bruyette analyst David Konrad notes that JPMorgan’s (JPM) management provided updates to the company’s outlook. For 2025, net interest income ex-Markets is expected to be $89B, or 69c and 45c higher than Keefe Bruyette and the Street’s estimates, respectively. The firm further highlights that Q4 2024 net interest income and expenses are expected to come in better than consensus expectations and IB is expected to be up 45% year-over-year and Markets is expected to be up mid-teens or better year-over-year. Keefe Bruyette has a Market Perform rating on the shares with a price target of $254.