08:30 AM EDT, 03/22/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

JPM share price has done well, and we think there is more room to run with a healthy U.S. economy and consumer, low unemployment, and stable credit. We raise our target price by $25 to $215 using a forward P/E of 13.4x, above the 5-year historical average of 12.3x. We keep our EPS estimates at $16.00 in '24 and $16.30 in '25, both in line with the consensus. In our opinion, JPM is gaining wallet share across many different businesses. First, investment banking is coming off the trough and there is less global competition for IPOs and equity secondaries, debt underwriting, and M&A advisory fees. Second, we think mid-size companies are looking to shift loans and other services to larger banks like JPM. Third, JPM has a growing consumer franchise with the Sapphire credit/debit cards that complements expanding modern branches and financial centers in new U.S. metropolitan markets. Lastly, fed funds rates may not decline as rapidly as previously expected that benefits JPM's net interest income and other fees.