11:31 AM EDT, 10/15/2025 (MT Newswires) -- JPMorgan Chase ( JPM ) reported Q3 earnings per share of $5.07, beating estimates on stronger core revenue and tight expense management, Oppenheimer said in a note Wednesday.

Despite the beat, the stock traded off after the company posted its quarterly results on Tuesday, highlighting the issue that the stock, while well-loved, is "somewhat more than fairly valued, and the results weren't really an 'upside surprise,'" analysts said.

The firm noted that pre-provision earnings rose 9.5% to $22.1 billion, beating Oppenheimer's estimate, while credit quality stayed solid despite slightly higher-than-expected loan loss provision, according to the note.

"We find nothing not to like about JPM strategy, franchise or financial strength but for the moment continue to believe that [Citigroup] and [Bank of America] will be better stocks in the coming 12 to 18 months on account of valuation," Oppenheimer said.

Oppenheimer has a perform rating on the stock.

Shares of JPMorgan Chase ( JPM ) were up more than 3.2% in recent Wednesday trading.

Price: 311.85, Change: +9.77, Percent Change: +3.23