Pro Analysis and Pro Uncut

JP Morgan downgraded by KBW: 'Estimates cannot support current valuation'

Key Points
  • J.P. Morgan stock is up more than 37 percent this year, but analysts at Keefe Bruyette & Woods don't expect a repeat of that performance in 2020.
  • The firm said most of the stock's outperformance in 2019 "was driven by shares re-rating after the sell-off in the back part of 2018."
  • "We would look to add shares when valuations are more reasonable, and in our view a Market Perform rating is warranted," the firm said.

J.P. Morgan stock is up more than 37 percent this year, but analysts at Keefe Bruyette & Woods don't expect a repeat of that performance in 2020.

The firm downgraded the stock to "market perform" from "outperform," and placed a target price of $135 on the shares, which were trading for $134.41 at the close of the market on Monday.