JPMorgan just upgraded at Wolfe Research, here’s why

Wolfe Research upgraded JPMorgan to Outperform from Peer Perform with a $269 price target. The firm is “getting selective as valuations look stretched.” After a “banner year” for financials, Wolfe is most positive on names with secular growth stories and exposure to “Trump tailwinds,” the analyst tells investors in a research note. Wolfe says JPMorgan’s net interest income guidance is conservative, its higher expense risk is well telegraphed, and share gains “are unmatched.” The firm prefers JPMorgan over the trust bank as a way to play “quality and defense.”