11:03 AM EDT, 07/09/2025 (MT Newswires) -- JPMorgan Chase's ( JPM ) balance sheet and management strength create "optionality," BofA Securities said in a Wednesday note as it previewed the bank's Q2 results.

While the bank did not officially change its 2025 net interest income guidance at its May investor day, BofA analysts noted that JPMorgan CFO said that full-year 2025 "might end up a little better, maybe by $1 billion" when taking into account the fewer rate cuts and what has happened so far in the year.

Volume growth in areas such as deposits and cards outstanding can help offset pressure from rate cuts, the analysts said.

The analysts said there has been a "noticeable shift" in the bank's public messaging on expenses over the last 12 months, specifically an emphasis on driving efficiency. The analysts said they anticipate the lowering of average expense growth in 2025 to 2027 compared to the last four years.

BofA reiterated the bank's stock rating at buy and increased its estimated Q2 earnings to $4.48 from $4.33 due to "expectations for strong revenue."

Price: 283.32, Change: +0.54, Percent Change: +0.19