JPMorgan Slips as Morgan Stanley Sees Fewer Benefits From Rate Cuts [BNN Bloomberg (Canada)]
Cadence Bank (CADE)
Last cadence bank earnings: 4/29 06:31 am
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Source: BNN Bloomberg
Analyst Betsy Graseck downgraded the bank led by Jamie Dimon to equal-weight from overweight, a rating she's had on the stock since December 2022. Graseck also adjusted her price target on the stock, lifting it slightly to $224 — implying a 6% increase from Friday's close. JPMorgan shares slipped 1% in premarket trading. “We see less positive surprises ahead for JPMorgan following a strong run over the last two years,” Graseck wrote in a note, adding that there is more room for positive net interest margin surprises elsewhere in the banking sector. The downgrade comes as investors across Wall Street try to chart the Fed's path forward after it unleashed a larger-than-expected rate cut last month and left the door open for more outsized moves this year. While JPMorgan shares largely outperformed during the tightening cycle, that leaves the stock with less room to run compared to peers, according to Graseck. “While we still have 6% upside to our JPMorgan price target, our overwei
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