JPMorgan Chase & Co. (JPM)

Outperform Recap: Q1 2026

Record Print Across the Franchise — CIB Compounding, Consumer Resilient, ~$40B Excess Capital: Maintaining Outperform, FV $310–360

Outperform Recap: Q4 2025

$13B Net Income, 18% ROTCE Through a $2.2B Apple Card Reserve Build, FY 2026 NII Ex-Markets ~$95B with $30B+ Excess Capital: Upgrading to Outperform

Hold Recap: Q3 2025

Operational Excellence at a Full Valuation: Capital Markets Reaccelerate, AWM Records Continue, and the Sapphire Refresh Lands — but a "Cockroach" in Wholesale Credit and CET1 Under RWA Pressure Keep Us Disciplined

Hold Recap: Q2 2025

Firing on All Cylinders — But Dimon Just Flagged the Valuation Problem Himself: Initiating JPMorgan Chase at Hold