Baird Raises JPMorgan to Neutral with $280 Target After Q4 EPS $5.23
Baird raised its rating on JPMorgan to Neutral from Underperform on February 3 with a $280 target, noting a 3x tangible book valuation and strong capital. Q4 adjusted EPS of $5.23 and $46.77 billion revenue topped estimates and triggered a $400 price target from a second analyst.
1. Baird Upgrade and Valuation
On February 3 Baird raised its rating on JPMorgan to Neutral from Underperform, maintaining a $280 price target. The analyst highlighted JPMorgan’s capital position and its shares trading near three times tangible book value, signaling limited room for valuation upside.
2. Q4 Earnings Performance
JPMorgan reported adjusted EPS of $5.23 for Q4, exceeding the $5.00 consensus by 4.6%, and generated $46.77 billion in revenue, topping the $46.20 billion estimate. These results reflected broad strength across its consumer, corporate, and investment banking segments.
3. TD Cowen Reiteration and Outlook
A second analyst reiterated a Buy rating with a $400 price target despite a near 4% post-earnings share drop due to softer investment banking fees. The firm cited a constructive backdrop for investment banking activity and loan growth in 2026, reinforcing confidence in the bank’s fundamentals.