JPMorgan lifted to hold from sell at Berenberg, because ‘good banks have bad years’


JPMorgan Chase & Co. was upgraded to hold from sell by Berenberg\, analyst Peter Richardson, who said downside risks to shares are more limited now, following disappointing results last week. “JPMorgan is operating in a difficult environment. Global uncertainty has rapidly reduced investment banking activity, and the bank’s current sources of strength, in consumer and commercial banking, are also being overshadowed by US recession concerns. However, with JPMorgan’s shares now trading at a c20% discount to their long-run average and given the temporary nature of these headwinds, we believe that downside risks to the bank’s…

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