JPMorgan Chase & Co. (JPM) Valuation
Rating: Slight Overpriced
12-Month Fair Value: $199 – $261 – $308
Confidence: MEDIUM
Best bank in the world gets a regulatory gift (FRB capital modernization: +$15B excess capital) but Iran war clouds horizon. Price down 13% from ATH to $292. FV nearly unchanged ($263→$261) as FRB tailwind offsets war headwind (+25bps ERP, credit spreads 108bps). FOMC hawkish hold supports NII ($104.5B) but compresses multiples. Upgrade from Moderate to Slight Overpriced on price decline + FRB catalyst.
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