JPMorgan Chase's disappointing first quarter reflected a slowing loan portfolio that could forecast trouble ahead, a top banking analyst told CNBC on Friday.
Anthony Polini, a bank analyst for Raymond James, said the investment bank missed his total loan projections by a "fairly substantial amount"—about $15 billion.
Amid a blitz of legal and regulatory woes, the megabank saw profit plunge 19 percent during the first three months of 2014, reporting earnings per share of $1.28—a figure far short of Wall Street consensus forecasts of $1.40 per share.
JPMorgan suffered from falling revenue in its trading business, but Polini said he was more concerned about slowing growth in commercial loans, a traditional area of strength for the bank.
"The key negative, and it doesn't really show up in earnings per share, is we didn't have an acceleration in commercial loan growth," Polini said on "Squawk Box." "We had a modest increase in commercial loans but nothing we had hoped for."
He added that the lackluster quarter may affect this year's prices more than next year's.
Polini holds a 12-month $72 price target on JPMorgan shares, a 25 percent jump from current prices.
"There's a lot of value in JPMorgan," Polini said. "They have a great business model. They're growing the international platforms. And this was a tough quarter."