JPMorgan's stock has room to rise 60% over the next 18 months, analyst says while hiking price target

Oppenheimer analyst Chris Kotowski on Monday reiterated an outperform rating on JPMorgan Chase & Co. and increased his price target on the stock to $233 from $215 after the bank’s stronger-than-expected third-quarter profit update.

“We view JPM as the country’s premier banking franchise with strengths across the board in consumer, commercial and institutional banking as well as asset management,” Kotowski said. Another plus at JPMorgan Chase is its credit quality, which “remains pretty stable at outstanding levels” although some normalizing is taking place, Kotowski said.

As for Wells Fargo, the bank posted stronger-than-expected net interest income and trading results, Kotowski said.

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