Evercore ISI analyst Glenn Schorr raised the firm’s price target on JPMorgan (JPM) to $264 from $238 and keeps an Outperform rating on the shares. Equity markets sold off by about 2% in December in “a post-post-election breather driven largely by the realization” that rate cuts might not be as imminent as thought, notes the analyst, who also points out that lower activity levels in investment banking continued into December from November after a “pretty strong” September and October. December cooled, but the firm expects an active start to 2025 as Evercore generally thinks improvement in investment banking is a “when, not if” story, the analyst added in a Q4 preview for the big banks group.
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