JPMorgan just downgraded at Wolfe Research, here’s why

Wolfe Research downgraded JPMorgan to Peer Perform from Outperform without a price target. With the stock’s valuation approaching all-time highs and the company more exposed to net interest income headwinds from lower rates, Wolfe recommends “taking some chips off the table,” the analyst tells investors in a research note. The firm says JPMorgan’s valuation screens rich versus peers while the bank’s growth algorithm “is less differentiated through 2026.”