JPMorgan Chase Stock Poised for New Highs in 2024
JPMorgan Chase (NYSE:) is set to hit new highs in 2024 as the fear surrounding September’s guidance warnings proves to be unfounded. With better-than-expected results, solid cash flow, and capital returns, as well as a positive trend in analysts’ sentiment, this stock is on track for a significant uptrend.
- September’s sell-off was a buying opportunity that is still viable
- Double-digit upside potential likely before year-end
- Analysts’ revisions expected to drive upward momentum next year
JPMorgan’s Diversified Business Drives Results, Income Growth
JPMorgan’s Q3 2024 results showed strength in most banking segments, offsetting weaknesses in consumer banking. Despite a slight decline in revenue sequentially, YoY revenue and GAAP EPS grew by 6%.
- Consumer and Community Banking revenue down by 1%
- Asset & Wealth Management strongest segment with 9% gain
- Commercial Investment Banking up 8% driven by fee increases
- Investment banking revenue grew by 29%
Analysts Lead JPMorgan Stock to New Highs
Analysts’ activity has been mixed post-September guidance warning, with price target reductions and upgrades. However, the consensus remains positive, with a Moderate Buy rating and a narrowing price target range indicating confidence in new highs.
- Fair value estimated at $212, with a high-end range of $230 to $240
- 85% of estimates issued since July above consensus
JPMorgan Fires Trend-Following Signal
Since early September, JPMorgan stock has shown a bounce from support levels, signaling a potential uptrend. Technical indicators suggest a bullish scenario, with a retest of all-time highs likely.
- MACD indicates early stages of a bullish swing
- Stochastic shows strong crossover, signaling bullish momentum
In conclusion, JPMorgan Chase is positioned for growth and new highs in the coming year. With strong financials, positive analyst sentiment, and technical indicators pointing towards an uptrend, this stock presents a compelling opportunity for investors looking to capitalize on the upward momentum.