Financial services giant JPMorgan Chase & Co. (JPM) on Wednesday caught a big downgrade from analysts at Sterne Agee.
The firm said it cut its rating on JPM from “Buy” to “Neutral.” The move comes just a few weeks after Sterne Agee had initiated coverage on the stock as a “Buy” back on Dec. 4 with a $55 price target. Since that “Buy” call, JPM shares have fallen around 6%.
JPMorgan shares posted small losses in premarket trading Wednesday.
The Bottom Line
Shares of JP Morgan (JPM) have a 3.10% dividend yield, based on last night’s closing stock price of $32.21. The stock has technical support in the $28-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$37 price levels.
JPMorgan Chase & Co. (JPM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.