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Top analyst from Macquarie downgrades JPMorgan

Pedestrians pass in front of the JPMorgan Chase headquarters building in New York.
Ron Antonelli | Bloomberg | Getty Images

Macquarie's David Konrad, one of the Wall Street's top analysts, lowered his rating on JPMorgan Chase to neutral from outperform, citing the stock's full valuation and slower investment banking trends.

"Although we believe a premium valuation [for JPMorgan] is warranted due to better-than-peer returns with less earnings volatility, the current P/E multiple appears full relative to historical valuations," Konrad wrote in a note to clients Friday.

"Although we expect continued strong loan growth and operating leverage, the interest rate environment remains a headwind for NIM and expense initiatives are largely embedded in expectations."

Konrad's picks have a 29.9 percent one-year average return with a 92 percent success rate, according to analyst ranking service TipRanks, placing him in the top 10 percent of all Wall Street analysts covering any industry.