Financial Digest

JPMorgan Chase's stock draws downgrade on 'too many near-term negatives'

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Stiffer banking regulations, slack dealmaking and a potential decline in interest rates weigh on the bank, analyst says

Odeon Capital analyst Richard Bove on Thursday downgraded JPMorgan Chase & Co.’s stock to neutral from buy even though he still thinks it’s the “best bank in America.”

While JPMorgan Chase JPM should be a core holding in a bank portfolio, “there are simply too many near-term negatives to suggest that the bank’s stock will be a strong performer in the coming year,” Bove said.

 

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BP cut to underweight at JPMorgan after third-quarter resultsSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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