Citigroup cuts JPMorgan price target to $350, keeps Neutral rating
JPMorgan Chase reported Q3 adjusted EPS of $5.57, missing estimates of $5.90, with revenue at $50.907B, also below expectations. Despite the miss, net income grew 6% YoY. Citigroup cut its price target to $350, maintaining a Neutral rating. Analysts noted strong performance in the Corporate & Investment Bank segment, with net income up 20% YoY. Expenses rose 12% YoY, and net interest income increased 13% to $27.1B. The stock was trading 0.42% higher at $332.82 at the time of publication.
How this was made
The 30-second read
Why it matters
Traders can update expectations for NII, expenses, and credit costs using the provided Q4FY26 and 2027 central-case NII figures, while monitoring CET1 and charge-off/reserve dynamics.
Market read
A same-article earnings print with explicit forward NII guidance plus a cited price-target cut creates actionable near-term positioning inputs for JPM and financials sentiment.
What to watch
Credit costs (net charge-offs and reserve build) and the decline in CET1 to 13.9% could be the real swing factors for risk pricing, even if revenue trends look solid.
Background
The piece frames JPMorgan’s Q3 results versus consensus and highlights segment divergence, then ties it to AI and the Security Resiliency Initiative (SRI) capital redeployment.
Ticker impact
JPMorgan reported Q3 adjusted EPS of $5.57 and revenue of $50.907B, both below consensus, while also outlining Q4 and 2027 NII guidance.
Likely choppy trading as the market weighs the headline EPS miss and credit/expense pressure against resilient NII growth and segment strength.
The article provides concrete Q3 miss metrics and specific forward NII guidance, but does not indicate a major surprise beyond the miss itself.
Market effects
Banking sector read-through via NII trajectory, credit costs, and CET1 level, which can influence peer valuation and rate-sensitive positioning.
Primarily US large-cap financials sentiment, with potential spillover to other money-center banks’ earnings expectations.
Limited direct global impact, but large-bank guidance can affect broader global financials risk appetite.
Counterpoint
The EPS miss may be less informative than the underlying NII growth and strong CIB equities performance, suggesting the market may over-penalize the headline.
Key entities
- companyJPMorgan Chase & Co.
Reported Q3 adjusted EPS and revenue misses, provided Q4FY26 and 2027 NII guidance, and discussed AI and SRI capital redeployment.
- companyCitigroup
In the title, Citigroup is cited as cutting JPMorgan’s price target to $350 while keeping a Neutral rating.
