大行评级｜大摩：上调摩根大通目标价至338美元 评级“与大市同步”

Core Viewpoint - Morgan Stanley's report indicates that while JPMorgan Chase's Q3 earnings exceeded expectations by 5%, most of this was driven by the corporate banking division, which has high volatility and lower valuation multiples. Excluding the corporate division's contribution, the actual earnings beat was only 1% [1] Earnings Forecast - Morgan Stanley raised its earnings per share (EPS) forecasts for JPMorgan Chase for 2026 and 2027 by 0.6% and 0.7% respectively, maintaining a "market perform" rating and increasing the target price from $336 to $338 [1] Growth Expectations - The firm anticipates an average annual EPS growth of 8% to 11% for JPMorgan Chase over the next three years, based on the continuation of capital market recovery until 2027, accelerated merger and acquisition financing activities, strong growth in credit card loans, and moderate credit losses [1] Return on Tangible Common Equity - Morgan Stanley expects the return on tangible common equity (ROTCE) for JPMorgan Chase to remain between 20% and 22% over the next three years [1]