周三，摩根大通的股价创下历史新高，成为推动银行业板块大涨的关键力量之一，此次上涨不仅提升了大型和地区性银行的股价，也提振了私募股权公司和支付公司的股价。Analysts recommend selling JPMorgan stocks to customers, believing that they have become too expensive after reaching a historical high.
According to the Securities Times app, the stock price of JPMorgan (JPM.US) fell by 4.27%. One analyst had previously advised customers to sell the stock, believing it had become too expensive after reaching a historical high.
Baird analyst David George wrote in a report that although JPMorgan has 'scale, skills, and dominant market share' in its business sector, making it 'best in class,' the balance of risk and return is not attractive at the current price. Therefore, he 'advises investors to take profits.'
On Wednesday, JPMorgan's stock price hit a record high, becoming one of the key forces driving the surge in the banking sector. This rise not only boosted the stock prices of large and regional banks but also lifted the prices of private equity firms and payment companies.
Investors are optimistic about the prospect of a more friendly regulation under a Trump re-election scenario, driving the surge of exchange-traded funds (ETFs) of large financial exchanges. JPMorgan's stock rose by 11.5% on Wednesday, marking its largest single-day gain since November 2020. However, the stock price fell by 4.5% on Thursday, while the S&P 500 Index rose by 0.8%.
Despite the optimistic expectations in the market for a lenient regulatory environment and a more growth-oriented macroeconomic agenda, Baird believes that the upside potential for JPMorgan stocks is limited.
George pointed out that JPMorgan's market price is about 2.6 times its tangible book value—this indicator excludes goodwill and mainly measures the company's intrinsic value. In addition, its stock price corresponds to more than 14 times the expected earnings per share in 2026. George also reminds investors that JPMorgan has indicated in recent quarters that it will not repurchase shares at the current price.
JPMorgan CEO Jamie Dimon bluntly stated in his May investor day speech: "To be clear: we will not engage in large-scale stock buybacks at these price levels. We do not believe that share buybacks are returning cash to shareholders, but rather providing funds for exiting shareholders. We prefer to support existing shareholders."
George wrote in Wednesday's report that despite potential easing in the regulatory environment, management's willingness for stock buybacks may not align with the market's high expectations.
