12:02 PM EDT, 04/12/2024 (MT Newswires) -- JPMorgan Chase's ( JPM ) net interest income outlook this year probably was assessed as a "moderate disappointment" amid "solid" Q1 results on a decrease in loan losses, higher non-interest income and lower expenses, HSBC Global Research said Friday in a note.

JPMorgan ( JPM ) kept its 2024 net interest income outlook at $90 billion "despite the increase in market expectations for fewer rate cuts since the company last updated guidance," HSBC said. "The absence of an increase in the NII guide could be viewed as disappointing by the market."

JPMorgan ( JPM ) reported Q1 adjusted earnings Friday of $4.63 per share, up from $4.44 a year earlier. Analysts polled by Capital IQ expected $4.13. Revenue rose to $41.93 billion from $38.35 billion. Analysts expected $41.69 billion.

"At first blush, the results reinforce our view that JPMorgan ( JPM ) will continue posting best-in-class profitability," HSBC said. "However, elevated expectations and a premium valuation cap upside potential."

The investment firm kept its hold rating on the stock and the $205 price target.

JPMorgan ( JPM ) shares fell 5.3% in recent trading Friday.

Price: 185.15, Change: -10.28, Percent Change: -5.26