Deutsche Bank analyst Matt O’Connor on Friday downgraded megabank stocks Bank of America Corp. and J.P.Morgan Chase & Co. to hold from buy. Analysts cut the...
Deutsche Bank analyst Matt O’Connor on Friday downgraded megabank stocks Bank of America Corp. BAC and J.P.Morgan Chase & Co. JPM to hold from buy. Analysts cut the price target on Bank of America to $36 a share from $45 a share and trimmed JPMorgan’s price target to $145 from $155. “It’s tempting to get more positive given stocks are already downsharply, inflation seems to be slowing and Fed rate hikes may be coming to an end,” O’Connor said.
Analysts cut the price target on Bank of America to $36 a share from $45 a share and trimmed JPMorgan’s price target to $145 from $155. “It’s tempting to get more positive given stocks are already downsharply, inflation seems to be slowing and Fed rate hikes may be coming to an end,” O’Connor said. “But our gut is that stocks will set new lows and fully price in a U.S. recession suggesting there’s more risk from here.
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