Moody's Upgrades JPMorgan Chase & Co (JPM) on Strong Financial Position

JPMorgan Chase & Co. (NYSE:JPM) is one of the best blue-chip stocks to buy now. On November 11, Moody’s upgraded JPMorgan Chase & Co.’s (NYSE:JPM) long-term deposit rating to Aa1 from Aa2. The upgrade is in response to the bank’s superior financial performance, driven by steady growth in client engagement and industry-leading profitability.

The investment bank delivered solid third-quarter results with profit jumping 12% to $14.39 billion as earnings per share totaled $5.07. Revenue increased by 9% to $47.12 billion, affirming the strong financial position. Moody’s also upgraded the bank’s baseline credit assessment to a1 from a2 buoyed by the strong financial position. With the upgrade, JPMorgan is one of Moody’s highest-rated banks, signaling its well-positioned to outperform its peers regardless of the prevailing economic cycles.

On November 3, analysts at Wells Fargo raised the stock’s price target to $350 from $345 while reiterating an Overweight rating. According to analysts, JPMorgan is one of the best global banks, thanks to its market share gains and focus on organic growth.

JPMorgan Chase & Co (NYSE:JPM) is a financial services company that offers investment and commercial banking, asset, and wealth management services. It serves individuals, small businesses, large corporations, institutions, and governments worldwide.

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Disclosure: None. This article is originally published at Insider Monkey.