Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 11 Nov, 25 | JPM | Buy | USD 316.89 | USD 333.0 | USD 345.0 | 56 days | Closed |
5.31%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
JPMorgan Chase & Co. operates as a financial services company worldwide. It operates through four segments: Consumer & Community Banking (CCB), Corporate & Investment Bank (CIB), Commercial Banking (CB), and Asset & Wealth Management (AWM). The CCB segment offers deposit, investment and lending products, cash management, and payments and services to consumers and small businesses; mortgage origination and servicing activities; residential mortgages and home equity loans; and credit cards, auto loans, leases, and travel services. The CIB segment provides investment banking products and services, including corporate strategy and structure advisory, and equity and debt markets capital-raising services, as well as loan origination and syndication; payments and cross-border financing; and cash and derivative instruments, risk management solutions, prime brokerage, and research. This segment also offers securities services, including custody, fund accounting and administration, and securities lending products for asset managers, insurance companies, and public and private investment funds. The CB segment provides financial solutions, including lending, payments, investment banking, and asset management to small and midsized companies, local governments, nonprofit clients, and large corporations; and commercial real estate banking services to investors, developers, and owners of multifamily, office, retail, industrial, and affordable housing properties. The AWM segment offers multi-asset investment management solutions in equities, fixed income, alternatives, and money market funds to institutional clients and retail investors; and retirement products and services, brokerage, custody, estate planning, lending, deposits, and investment management products. The company also provides ATM, online and mobile, and telephone banking services. JPMorgan Chase & Co. was founded in 1799 and is headquartered in New York, New York.
Asset & Wealth Management Expansion: Assets under management (AUM) increased from USD 3.9 trillion in Q3 FY24 to USD 4.6 trillion in Q3 FY25, a growth of 18%, driven by strong net inflows and favorable market performance
Strong Earnings Growth: Net income rose from USD 12.9 billion in Q3 FY24 to USD 14.4 billion in Q3 FY25, marking a 12% year-over-year increase, reflecting broad-based revenue growth and resilient business momentum
Higher Credit Costs: Credit costs rose from USD 3.1 billion in Q3 FY24 to USD 3.4 billion in Q3 FY25, an increase of approximately 10%, driven by elevated charge-offs and reserve builds in the wholesale and card portfolios
Decline in Capital Ratios: The CET1 capital ratio declined from 15.3% in Q3 FY24 to 14.8% in Q3 FY25, representing a 50-basis-point decrease, largely due to risk-weighted asset expansion and elevated capital distributions
JPMorgan Chase faces increasing exposure to wholesale credit and non-bank financial institution (NBFI) lending risks, where borrower-related irregularities and collateral weaknesses could heighten credit losses in a potential economic downturn
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 316.89 | 290.0 | 333.0 | 345.0 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Robust Financial Performance: JPMorgan Chase & Co. reported strong third-quarter FY25 results, achieving a net income of USD 14.4 billion, reflecting a 12% year-on-year increase, and earnings per share (EPS) of USD 5.07. The firm’s return on tangible common equity (ROTCE) stood at 20%, demonstrating continued efficiency in capital deployment. Total managed revenue reached USD 47.1 billion, up 9% YoY, supported by diversified business growth and a solid client franchise.
Revenue Momentum Across Segments: The company’s performance benefited from both interest and non-interest revenue growth. Net interest income (NII) was USD 24.1 billion, a 2% YoY increase, reflecting balance sheet growth, while being partly offset by lower interest rates and deposit margin compression. Non-interest revenue (NIR) expanded by 16% YoY to USD 23.0 billion, driven by higher asset management fees, investment banking activity, and strong payments income. Markets revenue also surged 25% YoY to USD 8.9 billion, highlighting resilience in trading operations.
Operating Efficiency and Cost Discipline: Expenses totaled USD 24.3 billion, marking an 8% increase year-on-year, largely due to higher revenue-linked compensation, marketing expenditures, and growth in client-facing roles. Despite inflationary pressures, the managed overhead ratio remained stable at 52%, underscoring disciplined cost management. Management reaffirmed its focus on productivity gains, emphasizing the role of AI-driven efficiencies and process reengineering to constrain future expense growth.
Solid Balance Sheet and Capital Position: The firm maintained a strong capital and liquidity profile, with a CET1 capital ratio of 14.8% and CET1 capital of USD 287 billion under the standardized approach. Average loans rose 7% YoY to USD 1.4 trillion, and average deposits grew 6% YoY to USD 2.5 trillion. The tangible book value per share improved to USD 105.70, compared to USD 96.42 in the prior year, reflecting consistent capital accretion and shareholder returns. The bank distributed USD 4.1 billion in dividends and repurchased USD 8.0 billion in common stock during the quarter.
Segmental Performance: All major divisions reported strong earnings. The Consumer & Community Banking (CCB) unit delivered USD 5.0 billion in net income, up 24% YoY, supported by higher revolving balances and robust card sales. The Corporate & Investment Bank (CIB) posted USD 6.9 billion in net income, up 21% YoY, fueled by double-digit growth in investment banking, payments, and trading revenues. The Asset & Wealth Management (AWM) segment achieved USD 1.7 billion in net income, up 23% YoY, with record assets under management (AUM) of USD 4.6 trillion. The Corporate segment generated USD 825 million in net income, recovering from a loss in the prior year.
Credit Quality and Risk Management: Credit costs increased to USD 3.4 billion, compared with USD 3.1 billion in Q3 FY24, mainly reflecting higher net charge-offs and reserve builds. Notably, wholesale charge-offs included USD 170 million tied to borrower-related collateral irregularities (Tricolor). Nevertheless, management affirmed that overall credit performance remains in line with expectations, with consumer delinquency trends stable and better than forecasted.
Forward Outlook: For Q4 FY25, JPMorgan expects NII ex-Markets of approximately USD 23.5 billion, leading to a full-year estimate near USD 92.2 billion. Total adjusted expenses are projected at USD 95.9 billion for FY25. Looking into FY26, management anticipates NII ex-Markets to reach about USD 95 billion, driven by balance sheet expansion, despite rate headwinds. The company remains committed to maintaining robust capital levels, disciplined expense growth, and consistent shareholder value creation.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on JPMorgan Chase & Co. (NYSE: JPM) at the closing market price of USD 316.89, as on Nov 10, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Banks - Diversified
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | |
|---|---|---|---|---|---|---|---|
| JPM JPMorgan Chase & Co |
6.97 2.26% | 315.11 | 9.99 | 10.83 | 3.38 | 1.66 | |
| BAC Bank of America Corp |
0.44 0.81% | 54.47 | 16.63 | 12.74 | 3.72 | 1.32 | 7.30 |
| IDCBF Industrial and Commercial Bank of China |
- -% | 0.83 | 3.36 | 3.16 | 0.30 | 0.34 | |
| IDCBY Industrial and Commercial Bank of China |
-0.16 0.98% | 16.22 | 3.41 | 3.16 | 0.31 | 0.34 | |
| CICHY China Construction Bank Corp |
-0.19 0.95% | 19.89 | 4.58 | 4.22 | 0.34 | 0.44 | 4.69 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on November 11, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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