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New York-based JPMorgan Chase & Co. (JPM) operates as a financial services company providing global financial services and retail banking. With a market cap of $604.5 billion, the company offers services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. The banking giant is expected to announce its fiscal third-quarter earnings for 2024 before the market opens on Friday, Oct. 11.
Ahead of the event, analysts expect JPM to report a profit of $4.05 per share on a diluted basis, down 6.5% from $4.33 per share in the year-ago quarter. However, the company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect JPM to report EPS of $16.72, down marginally from $16.80 in fiscal 2023.
JPM stock has outperformed the S&P 500’s ($SPX) 34.2% gains over the past 52 weeks, with shares up 44.4% during this period. Similarly, it outshined the S&P 500 Financials Sector SPDR’s (XLF) 35.8% gains over the same time frame.
On Jul. 12, JPM shares fell more than 1% after reporting its Q2 results. The company’s FICC sales and trading revenue of $4.8 billion was weaker than the consensus of $4.9 billion. Its revenue stood at $50.2 million, up 19.7% year over year. Its investment banking business is expected to thrive, with robust deal pipelines and an anticipated rebound in early 2025, translating to sustained year-over-year gains in capital markets.
Analysts’ consensus opinion on JPM stock is reasonably bullish, with a “Moderate Buy” rating overall, a step down from “Strong Buy” a month ago. Out of 23 analysts covering the stock, 15 advise a “Strong Buy” rating, one suggests a “Moderate Buy,” and seven give a “Hold.”
JPM’s average analyst price target is $218.40, indicating a potential upside of 3.8% from the current levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
