Bank of America has raised its target price for JPMorgan Chase to $420, stating that there is still room for further increase

According to CNBC, Bank of America has raised its target price for JPMorgan Chase from $408 to $420. JPMorgan Chase's adjusted earnings per share for the second quarter were $6.14, higher than the expected $5.85; Revenue was $52.42 billion, exceeding the expected $50.19 billion. Bank of America analyst Ebrahim Poonawala stated that JPMorgan Chase has advantages in capital markets, AI capital expenditures, digital asset adoption, operational leverage, and capital flexibility. The management of JPMorgan Chase stated that the US real economy has demonstrated resilience. Bank of America believes that the ability of consumers and businesses to withstand a high interest rate environment supports JPMorgan's performance and stock price. The stock has risen nearly 8% cumulatively within the year.