Freedom Broker analysts maintained their “Hold” recommendation on shares of JPMorgan Chase & Co. (JPM) and raised their target price from $335 to $365 per share. The move follows strong results for the second quarter of 2026: the largest U.S. bank beat profit expectations, posted record revenue, and improved its full-year net interest income outlook.
What JPMorgan is
JPMorgan Chase is the largest U.S. bank by assets and one of the world’s leading financial holding companies. The company operates across investment and commercial banking, asset management, payment services, and retail financial services. As of June 30, 2026, the bank’s assets reached $5 trillion, while shareholders’ equity totaled $375 billion.
Freedom Broker analysts maintained their “Hold” recommendation on JPMorgan Chase (JPM) shares and raised the target price from $335 to $365 per share. At the current market price of about $342.2, the upside potential is around 6.7%.
The quarter came in stronger than expected
According to Freedom Broker analysts, JPMorgan delivered one of the strongest quarters among major U.S. banks. Adjusted earnings per share came in at $6.14, roughly 10% above the market consensus. Reported EPS reached $7.70, up 47% year over year and 30% quarter over quarter.
Revenue rose to a record $57.3 billion, 28% above last year’s result and 15% higher than the prior quarter. Even excluding one-off factors, growth was about 15% year over year, which analysts view as a sign of sustained operational improvement.
JPMorgan’s results reflect a favorable phase of the cycle: record revenue across key business lines, strong growth in fee income, and an increase in the full-year net interest income target, experts say.
The bank raises its interest income forecast
Net interest income (NII) in the second quarter reached $25.5 billion, up 10% year over year. Despite a decline in net interest margin to 2.40%, management raised its full-year 2026 NII forecast from $103 billion to $105.5 billion. CFO Jeremy Barnum attributed the improved outlook to faster growth in the deposit base and favorable dynamics in asset yields.
Loans and deposits are growing faster than the market
Analysts see balance-sheet momentum as one of the key positive signals. JPMorgan’s loan portfolio reached $1.54 trillion, up 9% versus last year. The main drivers were corporate lending and client financing in the capital markets.
Deposits increased to $2.71 trillion, up 6% year over year. A particularly important factor was the rise in the share of non-interest-bearing accounts to nearly 25%, which helps the bank keep funding costs competitive. According to Freedom Broker, by loan and deposit growth rates JPMorgan remains one of the leaders among the largest U.S. banks.
Investment banking became the main growth driver
JPMorgan posted its most impressive results in investment banking and capital markets. Non-interest income rose to $31.8 billion, up 47% year over year. Excluding one-off effects, growth was about 20%.
Investment banking fees increased 30%, while equities trading revenue surged 86% thanks to high client activity in capital markets. Assets under management reached a new all-time high of $5.1 trillion, and net long-term client inflows totaled $50 billion.
Why analysts are not upgrading the rating
Despite the strong report, Freedom Broker believes a significant portion of the positive factors is already reflected in the share price. Over the past 12 months, JPM shares have risen by about 21% and have largely matched the performance of the S&P 500 index. After the earnings release, the stock gained an additional roughly 2.5%. According to CEO Jamie Dimon, the economy and financial sector are currently “close to the peak of the cycle.” This means further upside remains, but it is becoming more limited.
More about JPMorgan Chase
JPMorgan Chase remains the largest U.S. bank and one of the main beneficiaries of elevated activity in the capital markets. Even after the first-quarter 2026 report, Freedom Broker analysts maintained a cautious view on the bank’s shares due to the cut in the net interest income forecast to $103 billion and pressure on the interest margin. At that time, the target price for JPM shares was $320 per share.
In the second quarter, the situation improved: the bank reported earning a first-quarter profit of $16.49 billion ($5.94 per share) versus $14.64 billion ($5.07 per share) a year earlier. In May, the bank raised its 2026 expense outlook from $105 billion to $106 billion.
Not an individual investment recommendation.