UBS Group has released a report, raising JPMorgan's next year earnings forecast from $14.2 to $15.2 per share, $17.4 in 2026, 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 third quarter performance and outlook demonstrate the bank's strong capital base and highly liquid balance sheet, coupled with an unrivaled revenue mechanism, hence maintaining a "buy" rating.

The report states that after a month of back-and-forth discussions with investors, JPMorgan's next year net interest income is revised back to $89.3 billion, with net interest income excluding market revenues at $85.6 billion, considered slightly better than market expectations which ranged between $84 to $86 billion. UBS Group indicates that their 2025 net interest income forecast reflects estimates that JPMorgan's year-end deposits will increase by 4.7%, credit card growth slightly above the normal speed at 8%, along with market-related balance sheet growth, while net interest margin remains at around 2.39%. UBS Group also mentions that next year's JPMorgan fee income is expected to be $9.79 billion, with a 6% annual growth, while fee income from investment banking will increase by 13%, lower than this year's expected 32%.