Overview

• U.S. banking giant's Q2 revenue rose 27% yr/yr, beating analyst expectations

• Adjusted EPS for Q2 beat analyst expectations

• Company repurchased $6.2 bln in stock and paid $4.0 bln in dividends in qtr

Outlook

• JPMorgan says market sentiment remains constructive for continued activity in investment banking

• Company highlights ongoing risks including geopolitical tensions, inflation and elevated asset prices

• JPMorgan says it is preparing for a wide range of scenarios amid economic uncertainty

Result Drivers

• MARKETS ACTIVITY - Elevated client activity and strong trading performance, especially in equities, drove a 35% increase in Markets revenue

• INVESTMENT BANKING FEES - Investment banking fees rose 30% to the highest level since 2021, supported by constructive market sentiment

• SIGNIFICANT GAINS - Net income included a $4.6 bln gain related to Visa shares and $1.0 bln of gains on certain equity investments

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 12 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for JPMorgan Chase & Co is $345.00, about 3.1% above its July 13 closing price of $334.53

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

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