Stocks have fallen to their lowest level in months, with the Nasdaq, S&P 500, and Dow sinking 6%, 4%, and 2% respectively so far in September. Among the negative catalysts, this month has been remarks from the Federal Reserve saying that there would be fewer rate cuts in 2024 than anticipated.
Despite the market’s uncertainty, some stocks are shining through with resilience, and today’s recommendation is one of them.
JPMorgan Chase & Co (JPM)
While sentiments may be jittery, analysts’ positive outlook has been boosting confidence in certain bank stocks. According to Oppenheimer analyst Chris Kotowski, the fundamentals in the U.S. banking industry remain stable and favorable. Asset quality is strong, fees and trading are on track, and the capital markets appear to be bouncing back. Even though loan growth has slowed, it’s still in positive territory. Net interest income may have peaked earlier this year, but the third quarter is expected to align with prior expectations, stabilizing at levels more than 20% higher than before the rise in interest rates.
JPMorgan Chase is among several megabanks that stand as potential winners in this industry recovery, and. JPMorgan stands out as a strong performer, with an exceptional second-quarter performance. Its revenue surged by 34%, capitalizing on higher rates and robust loan growth.
JPMorgan may face increased capital requirements due to new regulations, along with Goldman Sachs. However, these banks have the flexibility to grow their capital bases as needed and can resume buybacks once requirements are met, potentially creating significant value.
JPM stock currently trades at a significantly undervalued relative P/E multiple of 9.8% on a forward basis and remains an outperforming stock and a steady choice in these turbulent times.
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