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Analysts are raising targets and reiterating buy ratings on JPMorgan after a blowout Q2 beat. But the stock closed Friday at $341.10, down 0.6%, as the market digests the news and CEO Jamie Dimon’s broader warnings.
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JPMorgan Chase smashed Q2 estimates with record revenue of $56.23B and net income of $18.15B. CEO Jamie Dimon called the banking environment “close to as good as it gets,” while flagging geopolitical and inflation risks.
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JPMorgan bought roughly 7.56 million shares of Continental Aerospace Technology Holdings (00232.HK) on June 25, lifting its stake to 7%. The bank’s own stock edged up to $334.47 ahead of the holiday weekend.
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JPMorgan’s stock has underperformed some rivals this year, but the upcoming Q2 earnings season could be a catalyst. An AI overhaul is already saving the bank $2 billion annually.