JPMorgan meeting a reminder of 'credit defensibility' of its commercial loan book - BofA

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By Sam Boughedda

JPMorgan's (NYSE:JPM) price target was raised to $145 from $132 per share by BofA Securities on Monday, which maintained a Buy rating on the stock.

Analysts told investors in a note that the firm's meeting with Doug Petno, head of JPM's commercial bank, was a "timely reminder of the credit defensibility of JPM's commercial (including CRE) loan book in the face of rising recession risk."

"Management indicated it is seeing limited signs of stress across its client base and highlighted their strong positioning "leaner" "liquid" coming into this environment. Moreover, the excess consumer savings (~$1.5trn currently) appears to be buffering the inflation hit, allowing clients to maintain healthy profit margins," wrote the analysts. They added that JPMorgan is "positioned to thrive."

However, they also revealed "clients remain anxious about demand sustainability," which seems to be weighing on the appetite for capex investments. "Management laser-focused on identifying any signs of credit stress and is constantly combing through the loan book," they continued.

They went on to state that management is also "enthusiastic about the growth opportunities across the U.S. and international markets with JPM adding 2,500 new clients last year, double the rate from 3 years ago. In the U.S., management sees significant market share opportunities within middle market, particularly across its expansion markets where revenues have doubled, headcount tripled since 2016," said the analysts.