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Bernstein downgrades JPMorgan on valuation

JPMorgan Chase & Co. bank branch
Eric Thayer | Bloomberg | Getty Images

Bernstein lowered its rating for JPMorgan Chase to market perform from outperform, citing what it called the stock's full valuation and the risk of deteriorating credit conditions.

"We find it tough to make an enthusiastic bull case for the [large-cap banks] group given the fact that we are six years into the positive side of a credit cycle that will eventually weaken," analyst John McDonald wrote in a note to clients Tuesday.

"We don't see enough upside in JPM shares at the current valuation to keep an Outperform rating."