JPMorgan Chase & Co

JPM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$425.00	Pbccf	Ldwtpznjdz

JPMorgan: Shares Down 5% as Management Questions Lofty 2025 NII Consensus Expectations

Suryansh Sharma

Sep 10, 2024

Wide-moat-rated JPMorgan shares tumbled 5% on President and Chief Operating Officer Daniel Pinto’s comments about the Street having lofty expectations for 2025 net interest income, or NII, and expenses. Pinto’s comments were exactly in line with our thesis on the company as we highlighted that the bank has been earning outsize profits in recent years as it benefits from its balance sheet being positioned favorably for a high interest rate environment. We continue to believe that the bank's net interest income and profits will normalize lower as interest rates fall. We are maintaining our $178 per share fair value estimate for the bank.

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