JPM

JPMorgan Chase

$348.21

+0.86%
Jul 22, 2026
Bobby Quantitative Model
JPMorgan Chase & Co. is a leading global financial services firm operating across consumer banking, commercial and investment banking, and asset and wealth management. As the largest U.S. bank by assets and the top-ranked investment bank globally with an 8.4% market share, it commands a formidable competitive position. The current investor narrative centers on its record quarterly earnings driven by strong net interest income and investment banking fees, alongside a $50 billion buyback authorization and dividend raise that underscore capital strength, though valuation near all-time highs and macro uncertainty around rate cuts and oil prices fuel debate.

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JPM 12-Month Price Forecast

Historical Price
Current Price $348.21
Average Target $348.21
High Target $400.44
Low Target $295.98

Wall Street consensus

Most Wall Street analysts maintain a constructive view on JPMorgan Chase's 12-month outlook, with a consensus price target around $369.70 and implied upside of +6.2% versus the current price.

Average Target

$369.70

0 analysts

Implied Upside

+6.2%

vs. current price

Analyst Count

covering this stock

Price Range

$305 - $420

Analyst target range

JPMorgan is covered by 21 analysts, with a consensus recommendation of 'Buy' (mean score 2.17 on a 1-5 scale where 1 is Strong Buy). The average target price is $364.81, implying 6.95% upside from the current price of $341.10. The distribution leans bullish: 10 recent ratings include 7 Outperform/Overweight/Buy and 3 Hold/Neutral, with no Sell ratings. The target range spans from $305.00 (low) to $420.00 (high). The high target of $420 assumes continued earnings growth driven by investment banking momentum and capital return, while the low target of $305 factors in potential margin compression from rate cuts or a recession. The spread of $115 (27% of the average target) indicates moderate uncertainty. Recent ratings from RBC Capital, Wells Fargo, and Barclays reaffirm Outperform/Overweight, while BofA and UBS maintain Buy, signaling strong institutional conviction.

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JPM Technical Analysis

JPMorgan is in a sustained uptrend, with the stock up 17.66% over the past year, outperforming the S&P 500's 18.35% gain. The current price of $341.10 sits at 97.1% of its 52-week range ($279.10–$351.24), indicating the stock is near its highs and reflecting strong momentum but also potential overextension. Short-term momentum is accelerating: the 1-month return is +2.29% and the 3-month return is +9.93%, both outpacing the S&P 500's respective gains of 0.31% and 4.67%. This divergence from the broader market's slower pace suggests JPM is benefiting from sector-specific catalysts like rising net interest income and robust investment banking activity. The stock's beta of 0.982 indicates volatility roughly in line with the market, making it a relatively stable large-cap holding. Key support lies near the 52-week low of $279.10, while resistance is at the 52-week high of $351.24. A breakout above $351.24 would signal continued upside momentum, while a breakdown below $279.10 could indicate a trend reversal.

Beta

0.98

0.98x market volatility

Max Drawdown

-15.5%

Largest decline past year

52-Week Range

$279-$351

Price range past year

Annual Return

+19.5%

Cumulative gain past year

PeriodJPM ReturnS&P 500
1m+5.0%+0.4%
3m+11.7%+5.5%
6m+17.0%+8.4%
1y+19.5%+18.9%
ytd+7.0%+9.6%

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JPM Fundamental Analysis

JPMorgan's revenue trajectory is accelerating, with Q2 2026 revenue of $82.46 billion growing 17.94% year-over-year, up from $69.91 billion in Q2 2025. This marks the third consecutive quarter of double-digit growth, driven by strong performance in Consumer & Community Banking ($19.40B) and Commercial & Investment Bank ($19.38B). The growth is fueled by higher net interest income from elevated rates and record investment banking fees. Profitability is robust: net income for Q2 2026 was $21.16 billion, with a net margin of 25.65%, up from 21.44% a year ago. Gross margin improved to 66.50% from 60.11%, reflecting operating leverage and expense discipline. The company is highly profitable and generating substantial free cash flow, with TTM free cash flow of $140.95 billion. The debt-to-equity ratio of 2.60 is manageable for a bank, and ROE stands at 15.74%, indicating strong returns on equity. The current ratio of 0.52 is typical for banks due to their business model, and the ample cash position ($312 billion at end of Q1 2026) provides liquidity.

Quarterly Revenue

$82.5B

2026-06

Revenue YoY Growth

+17.9%

YoY Comparison

Gross Margin

66.5%

Latest Quarter

Free Cash Flow

$140.9B

Last 12 Months

Revenue & Net Income Trends (2 Years)

Revenue Breakdown

Segment Reconciling Items
Asset and Wealth Management Segment
Commercial And Investment Bank
Consumer & Community Banking
Segment Reporting, Reconciling Item, Corporate Nonsegment

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Valuation Analysis: Is JPM Overvalued?

Since net income is positive, the primary valuation metric is the P/E ratio. The trailing P/E is 16.04x, while the forward P/E is 13.92x, implying the market expects earnings growth of about 15% over the next year. The gap between trailing and forward P/E suggests optimism about continued earnings expansion. Compared to the industry average P/E of 12.1x (based on historical data), JPM trades at a 33% premium, reflecting its superior profitability and market position. This premium is justified by its industry-leading ROE of 15.74% and net margin of 25.65%, well above the sector median. Historically, JPM's trailing P/E of 16.04x is near the high end of its 5-year range (roughly 8x–16x), indicating the market is pricing in optimistic expectations. The current P/B ratio of 2.48x is also elevated versus its historical average of ~1.5x, suggesting the stock is not cheap by historical standards.

PE

16.0x

Latest Quarter

vs. Historical

High-End

5-Year PE Range 8x~17x

vs. Industry Avg

N/A

Industry PE ~N/A*

EV/EBITDA

18.4x

Enterprise Value Multiple