UBS Group released a report, raising JPMorgan's next year's earnings per share forecast from $14.2 to $15.2, and for 2026 to $17.4, driving the target price up from $233 to $251. UBS Group believes that although JPMorgan's valuation is at a premium compared to peers, the strong capital base and highly liquid balance sheet, along with unparalleled revenue mechanisms demonstrated in the third quarter results and outlook, warrant a 'buy' rating.

The report states that after a month of discussions with investors, JPMorgan's next year's net interest income forecast has been revised back to $89.3 billion, with net interest income excluding market revenue at $85.6 billion, slightly better than market expectations ranging between $84 to $86 billion. UBS Group notes that their forecast for 2025 net interest income reflects estimated increases in JPMorgan's year-end deposits to 4.7%, credit card growth slightly above the normal rate at 8%, growth in market-related assets and liabilities, in addition to maintaining a net interest margin of about 2.39%.

UBS Group also mentions that they anticipate JPMorgan's fee income for next year to be $9.79 billion, increasing by 6% annually, with fees from investment banking growing by 13%, lower than this year's expected 32%.