Banking and financial services giant JPMorgan Chase & Co. (JPM) on Friday caught a big downgrade from famous banking analyst Mike Mayo.
The Credit Agricole analyst said he cut his rating on JPM from “Outperform” all the way down to “Underperform.” Mayo left his $43 price target in tact, which suggests a flat upside to the stock’s Thursday closing price of $43.01.
Last month, JPM posted a decline in first quarter earnings, but results still beat Wall Street’s view.
JPMorgan Chase shares fell 67 cents, or -1.6%, in premarket trading Friday.
The Bottom Line
Shares of JP Morgan Chase (JPM) have a 2.79% dividend yield, based on last night’s closing stock price of $43.01. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $46 price levels.
JPMorgan Chase & Co. (JPM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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