Top Analyst Reports for JPMorgan, Novartis & AT&T

Tuesday, June 24, 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), Novartis AG (NVS) and AT&T Inc. (T), as well as two micro-cap stocks Perma-Pipe International Holdings, Inc. (PPIH) and Utah Medical Products, Inc. (UTMD). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.

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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Today's Featured Research Reports

JPMorgan’s shares have outperformed the Zacks Financial - Investment Bank industry over the past year (+43.2% vs. +36.2%). The company's business expansion efforts, decent loan demand and relatively high rates will support net interest income (NII) growth. We expect NII (managed) to show a CAGR of 2.2% by 2027. 

While a solid resurgence in deal-making activities is likely to take time, a solid pipeline will drive the investment banking (IB) business. The Zacks analyst expect IB fees to witness a CAGR of 1.6% by 2027. 

Yet, the volatile nature of the capital markets business and high mortgage rates will hurt fee income growth. Our estimate for non-interest income (reported) shows a 6.9% fall in 2025. As the company invests in technology and marketing, expenses are expected to remain elevated. Our estimates for non-interest expenses imply a CAGR of 2.1% by 2027. Weakening asset quality is another major concern.

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

Shares of Novartis have outperformed the Zacks Large Cap Pharmaceuticals industry over the past year (+12.4% vs. -16.7%). The company maintains strong momentum on the back of a strong and diverse portfolio with drugs like Kisqali, Kesimpta, Pluvicto and Leqvio. The uptake of Pluvicto and Scemblix has been outstanding and propels top-line growth. 

The Zacks model estimates for Pluvicto and Kisqali indicate a CAGR of 29.6% and 34.3%, respectively, over the next three years. Approval of new drugs and label expansion of existing drugs should enable Novartis to offset the adverse impacts of the generic competition for key drugs. 

The recent spate of acquisitions and collaborations has further strengthened its pipeline. Concurrent with the first-quarter results, management raised its guidance for 2025. However, one of the top drugs, Entresto, is likely to lose patent protection. This, in turn, may adversely impact sales. 

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

AT&T’s shares have outperformed the Zacks Wireless National industry over the past year (+59.1% vs. +28.3%). The company expects to continue investing in key areas and adjust its business according to the evolving market scenario to fuel long-term growth. With a customer-centric business model, AT&T is witnessing healthy momentum in its postpaid wireless business with a lower churn rate and increased adoption of higher-tier unlimited plans. 

AT&T has collaborated with Microsoft to move its 5G mobile network to the latter’s cloud. This will enable the company to enhance productivity and deliver large-scale network services to meet customers’ needs. 

However, the company’s wireline division is struggling with persistent losses in access lines as a result of competitive pressure from voice-over-Internet protocol (VoIP) service providers. Healthy discounts and freebies to woo customers dent margins. The high debt burden remains a concern.

(You can read the full research report on AT&T here >>>)

Shares of Perma-Pipe International have outperformed the Zacks Steel - Pipe and Tube industry over the year-to-date period (+57.2% vs. -0.1%). This microcap company with market capitalization of $187.67 million is benefiting from strong global tailwinds, including rising infrastructure investment, urbanization and energy efficiency demand. Its geographic reach across MENA, Southeast Asia, and the Americas enables access to high-growth sectors such as district energy, oil & gas, and pharmaceuticals. 

Backlog expanded 33% to over $100 million, driven by major wins like a $43 million GCC contract and a $2.4 million Qatar project, where the company is also building a permanent facility. Q1 FY25 saw sales rise 36% YoY, gross margins expand to 36%, and net income more than triple to $5 million. 

However, the company remains exposed to cyclical end markets such as oil & gas and construction, which are sensitive to economic slowdowns and project delays. Shares have surged 164% over the past year and continue to trade at a discount to peers on EV/EBITDA and EV/sales metrics.

(You can read the full research report on Perma-Pipe International here >>>)

Utah Medical Products’ shares have underperformed the Zacks Medical - Products industry over the past year (-9.8% vs. +5.1%). This microcap company with market capitalization of $178.29 million has risks consisting of: OEM dependence (PendoTECH accounted for 91% of the 1Q25 decline), regulatory headwinds and underutilized CapEx depress asset returns. Geopolitical tariff uncertainty and rising compliance costs add further pressure. Shares have fallen 10.7% YTD, now trading at 2.47X EV/sales compared with the sub-industry’s 6.24X. 

Nevertheless, UTMD remains strategically positioned in women’s and neonatal health, with resilient product demand and geographic diversification cushioning policy and currency risks. Despite a 14.4% YoY revenue drop in 1Q25, direct device sales grew 11.6%, highlighting demand strength in NICU devices. 

The firm operates with a high-margin, globally recognized specialty device portfolio, sustaining a 57% gross margin. UTMD’s in-house manufacturing supports cost control, while a debt-free balance sheet and $83.3 million in cash provide flexibility for shareholder returns and reinvestment.

(You can read the full research report on Utah Medical Products here >>>)

Other noteworthy reports we are featuring today include NextEra Energy, Inc. (NEE), Amphenol Corp. (APH) and Johnson Controls International plc (JCI).

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

Kisqali, Pluvicto Drive Novartis (NVS) Amid Competition

AT&T (T) Rides on Solid Wireless Momentum, Fiber Expansion

Featured Reports

NextEra (NEE) Gains from Renewable Focus, Steady Investment
Per the Zacks analyst, NextEra's planned long-term investment to enhance clean electricity generation and strengthen its infrastructure will boost its profitability.

End-Market Strength & Diversification Aids Amphenol (APH)
Per the Zacks analyst, Amphenol benefits from a diversified business model that lowers volatility of individual geographies.

HVAC & Controls Aids Johnson Controls (JCI) Amid Forex Woes
Per the Zacks analyst, continued demand for HVAC & Controls within the Building Solutions North America segment is likely to drive Johnson Controls' revenues. However, forex woes remain a concern.

lululemon's (LULU) International Business Well Poised for Growth
Per the Zacks analyst, lululemon witnesses strong business momentum in international markets, including Mainland China and the Rest of the World, as the brand connects well with customers globally.

Investments Aid Edison International (EIX), Rising Costs Ail
Per the Zacks analyst, systematic capital investment boosts Edison International's infrastructure and customer reliability. Yet, rising wildfire related charges might hurt its bottom line.

YPF's Progress in Vaca Muerta Shale Drives Production Surge
YPF's shift from mature fields to shale oil operations in Vaca Muerta is set to increase production and drive profitability. However, the rise in its net leverage ratio concerns the Zacks analyst.

NMI Holdings (NMIH) Banks on Solid Mortgage Insurance Market
Per the Zacks analyst, NMI Holdings gains from mortgage insurance market riding on well performing primary insurance-in-force, which drives new insurance written. However, high costs remain a concern.

New Upgrades

Jabil (JBL) Benefits from Healthy Demand, Product Innovation
Per the Zacks analyst, solid demand in digital commerce, cloud and AI data center infrastructure markets will likely drive Jabil's top line. A strong focus on innovation is a tailwind.

Expansion Strategies, Solid Liquidity Aid Federated (FHI)
Per the Zacks Analyst, the focus on acquiring money market assets will drive Federated's revenues and asset under management AUM. Solid liquidity position aids capital distribution activities.

Upbound (UPBD) Accelerates Growth With Acima, Brigit Gains
Per the Zacks analyst, Upbound's virtual LTO business, Acima, saw 8.8% GMV growth in the first quarter of 2025, while Brigit posted 35% revenue growth post-acquisition.

New Downgrades

Increasing Costs & Forex Woes Hurt Zebra Technologies (ZBRA)
Per the Zacks analyst, Zebra Technologies' steady revenue growth and operational efficiencies are being dampened by a steep rise in cost of sales. Also, foreign currency headwinds are concerning.

UroLift Woes, Macroeconomic Pressures Hurt Teleflex (TFX)
The Zacks analyst is concerned with Teleflex's UroLift product line persistently facing end-market headwinds within the U.S. office site of service. High costs from macroeconomic woes remain a drag.

Still-High Mortgage Rates & Macro Risks Hurt NVR's Prospects
Per the Zacks analyst, NVR's growth is hindering from the ongoing affordability issues in the housing market due to the still-high mortgage rates, lingering inflation and tariff-related risks.

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

Zacks Investment Research