: JPMorgan Chase stock dips after it gets downgraded to neutral at Citi

JPMorgan Chase & Co. JPM stock is down 0.4% in premarket trades on Wednesday after Citi analyst Keith Horowitz downgraded the megabank’s stock to neutral from buy due to its outperformance this year compared to other banks. “JPM is viewed as a high-quality franchise with a strong management team and balance sheet and in turn is rewarded with a premium valuation,” Horowitz said. With the stock trading at about 10.5 times its estimated 2024 earnings per share, “we believe the premium valuation has returned and we move to the sidelines,” he said. Horowitz maintained his $160 a share price target for JPMorgan Chase. In the first half of 2023, JPMorgan stock rose by about 8.5%, while the SPDR S&P Bank ETF fell about 20%. JPMorgan earnings are on tap for Friday, along with Citigroup C and Wells Fargo & Co. WFC.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.