All the market-moving Wall Street chatter from Monday

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All the market-moving Wall Street chatter from Monday

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materializes.” Shares of Nvidia have rallied 154% this year to record levels amid optimism around artificial intelligence. — Lisa Kailai Han 5:50 a.m.: Wolfe Research downgrades JPMorgan Chase JPMorgan Chase’s valuation is becoming stretched, and it’s time for investors to step away from the banking giant, according to Wolfe Research. Analyst Steven Chubak downgraded the stock to peer perform from outperform. He also removed his price target of $216, which implied upside of 5%. “We continue to believe that JPM is one of the best run financial institutions, but with valuation approaching all-time highs (on a relative [price-to-earnings] and [price-to-tangible book value] basis), and the firm more exposed to net interest income headwinds from lower rates, we are taking some chips off the table,” Chubak wrote. JPMorgan Chase shares have outperformed this year, rising more than 20%, while the SPDR S & P Bank ETF (KBE) has lost 1% in that time. JPM KBE YTD mountain JPM vs KBE year to date “While JPM should be a flight-to-quality beneficiary in a tougher macro environment, with lofty valuation, a less robust go forward EPS growth profile … we are comfortable taking profits,” the analyst added. The downgrade comes ahead of JPMorgan Chase releasing its second-quarter results on Friday. — Fred Imbert

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