Baird Upgrades JPMorgan (JPM) to Neutral After Q4 Earnings Beat

JPMorgan Chase & Co. (NYSE:JPM) is one of the best affordable long term stocks to buy according to hedge funds. On February 3, Baird analyst David George upgraded JPMorgan Chase & Co. (NYSE:JPM) to Neutral from Underperform while maintaining his price target at $280. The analyst cited JPMorgan’s “enviable capital position” as a key factor supporting the revised rating.

The upgrade followed JPMorgan’s Q4 2025 earnings report, in which the bank posted blowout figures. Adjusted EPS came in at $5.23, beating the $5.00 consensus, while revenue reached $46.77 billion, topping the $46.20 billion estimate.

But despite this blowout performance, George, the Baird analyst, cautioned that the stock appears expensive. He said JPM trades near 3x tangible book value, a valuation level that leaves little margin for disappointment.

George stated that he now views the JPMorgan stock’s risk/reward profile as more reasonable but not attractive for new money. He added that it has become difficult to make the short case for ‘a best-in-class franchise’. In other words, JPMorgan’s fundamentals are solid and the analyst no longer expects the shares to underperform.

Separately, on January 14, TD Cowen reiterated its Buy rating on JPMorgan and kept its price target at $400 for the stock. The action followed the bank’s Q4 earnings report.

TD Cowen noted that despite the solid earnings, JPMorgan shares fell around 4% after the announcement. The analysts attributed the decline in part to investment banking fees coming in below expectations for the quarter. And they described the downturn as “unwarranted” and asserting that broader business trends are robust. The analysts further said there is a “very constructive backdrop” for both JPMorgan’s investment banking activity and loan growth in 2026. In other words, the fundamentals supporting the stock are intact.

JPMorgan Chase & Co. (NYSE:JPM) is a financial services company. It operates through segments including Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management. The company provides retail banking, credit cards, mortgages, corporate lending, investment banking, and asset management services.

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