Top Analyst Reports for JPMorgan Chase, EPAM & Costco

Tuesday, December 9, 2025

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including JPMorgan Chase & Co. (JPM), EPAM Systems, Inc. (EPAM) and Costco Wholesale Corp. (COST). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

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You can read today's AWS here >>> Pre-markets "Risk Off" Ahead of Wednesday's Fed Decision

Today's Featured Research Reports

Shares of JPMorgan Chase have gained +32.1% over the past year against the Zacks Financial - Investment Bank industry’s gain of +33.1%. The company shares were driven by continued operational strength amid cost concerns and a weak asset quality. Business expansion efforts, loan demand and changes in interest rates will aid net interest income (NII) growth. 

The Zacks analyst projects NII to witness a CAGR of 3.3% by 2027. In investment banking (IB), the company’s solid pipeline and market leadership remain competitive strengths, though capital markets volatility and elevated mortgage rates are likely to weigh on fee income. Our estimates for non-interest income don’t show a favorable trend this year. 

Technology and marketing investments will keep costs elevated. The Zacks analyst expects expenses to reflect a CAGR of 4.4% by 2027. A tough macro backdrop raises concerns about asset quality. We expect provisions to rise 10.5% in 2025.

(You can read the full research report on JPMorgan Chase here >>>)

Shares of EPAM have declined -12.9% over the year-to-date period against the Zacks Computers - IT Services industry’s decline of -13.3%. The company is gaining from the ongoing digital transformation by enterprises and a continued focus on customer engagement and product development. EPAM’s sustained focus on strategic acquisitions and partnerships enhances its product portfolio and drives top-line growth. 

The Zacks analyst model estimates suggest that EPAM’s revenues are expected to witness a CAGR of 9.8% between 2025 and 2027. Its substantial investment in Gen AI capabilities is expected to boost growth as AI becomes increasingly integral to enterprise operations. 

A sustained focus on realigning the cost structure with the current demand environment is likely to benefit margins. Intensifying competition and unfavorable forex are other major concerns.

(You can read the full research report on EPAM here >>>)

Shares of Costco have underperformed the Zacks Retail - Discount Stores industry over the past year (-10.4% vs. +0.1%). Being a consumer defensive stock, the company has survived the market turmoil, supported by its resilient membership-based model, disciplined pricing, and operational excellence. 

Costco’s consistent renewal rates and expanding member base reinforce its dependable recurring revenue stream, while the Kirkland Signature brand continues to drive margin strength. Robust e-commerce momentum and growing adoption of digital fulfillment services enhance Costco’s omnichannel reach, driving traffic. 

Strategic sourcing, diversification, and supply chain efficiency have helped mitigate tariff and cost pressures. Backed by a solid liquidity position, Costco remains well-positioned to capitalize on global growth opportunities. 

(You can read the full research report on Costco here >>>)

Other noteworthy reports we are featuring today include Morgan Stanley (MS), América Móvil, S.A.B. de C.V. (AMX) and First Solar, Inc. (FSLR).

Mark Vickery
Senior Editor

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

Branch Expansion to Aid JPMorgan (JPM) Amid Fee Income Woes

EPAM Systems (EPAM) Gains From Increase in Digital Spending

Decent Comparable Sales Run to Fuel Costco's (COST) Top Line

Featured Reports

Subscriber Strength Drives America Movil (AMX) Amid Tariff Tensions
Per the Zacks analyst, increasing user count and widespread revenue growth across all business units and regions are driving America Movil's performance. U.S.-imposed tariff uncertainty looms.

Expanding Manufacturing Capacity and Backlog Aid First Solar (FSLR)
According to the Zacks analyst, First Solar's investments of $0.9-$1.2 billion in 2025 should expand its manufacturing capacity. Total backlog of 54.5 GW through 2030 indicates a strong demand.

Robust Growth Plans Aid Builders FirstSource (BLDR), Macro Risks Hurt
Per the Zacks analyst, Builders FirstSource is gaining from inorganic efforts, geographic expansion and digital enhancements. However, a weak housing market and cost inflation are concerning.

Scalable Chiplet Design Aids Rigetti (RGTI) Amid Execution Risks
Per the Zacks Analyst, Rigetti benefits from strong partnerships, proprietary tech, and a scalable roadmap, though execution risks and tough competition remain concerns.

Mercury General (MCY) Boasts Revenue Growth, Solid Balance Sheet
Per the Zacks analyst, Mercury General is set to grow on strong revenues driven by improved net investment income and rate increases. Moreover, its solid balance sheet provides financial flexibility.

RPC's (RES) Diversified Oilfield Services Drive Stable Revenues
Per the Zacks analyst, RPC's diverse oilfield services, including pressure pumping and rental tools, support strong and stable revenues. However slowdowns in oilfield activity may limit profitability.

Theravance (TBPH) Rides on Higher Profit-Sharing Revenues
Per the Zacks analyst, Theravance's top line is driven by higher profit-sharing revenues from Viatris due to U.S. Yupelri sales. However, high reliance on Yupelri for profit-sharing revenues is a woe.

New Upgrades

Increased Focus on Wealth Management to Aid Morgan Stanley (MS)
Per the Zacks analyst, Morgan Stanley's continued focus on becoming less dependent on capital-markets-driven revenue sources will aid the top line. Its inorganic expansion efforts will drive growth.

Strong Cloud ARR Growth and AI Innovation Aid Teradata (TDC) Prospects
Per the Zacks Analyst, TDC is benefiting from strong cloud ARR growth, expanding AI-driven solutions, and a rich partner base.

Metal Cutting Unit Drives Kennametal (KMT), High Debt Hurts
Per the Zacks analyst, solid traction of Kennametal's Metal Cutting segment, driven by strength in aerospace, defense and energy markets, will drive its growth. High debt level is concerning.

New Downgrades

Technology and Product Investment Costs Hurt Insperity (NSP)
Per the Zacks analyst, Insperity's investments in technology, product and service offerings are likely to keep the bottom line under pressure.

Consumer and Professional Products Unit Hurts Griffon (GFF)
Per the Zacks analyst, Griffon is struggling with the poor performance of the Consumer and Professional Products unit due to reduced consumer demand across most regions, except Australia.

Tariffs Remain a Drag on Flowers Foods' Cost Structure and Outlook
Per the Zacks analyst, Flowers Foods is facing tariff-driven cost pressure, limiting pricing flexibility. For 2025, the company expects $14 million in tariff-related costs for the legacy business.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research