TD Cowen Raises JPMorgan Price Target on Deepening Investment Bank Moat

Core Viewpoint - TD Cowen raised its price target on JPMorgan Chase to $375 from $370 while maintaining a Buy rating, highlighting the firm's strengthening competitive advantages in its Commercial and Investment Bank division [1] Group 1: Competitive Advantages - Recent discussions with Troy Rohrbaugh, co-CEO of JPMorgan's Commercial & Investment Bank, reinforced confidence in the firm's execution of a strategy aimed at gaining market share while making strategic investments [2] - The firm's scaled operating platform, Kinexys, is considered one of the most valuable strategic assets in the industry, deepening JPMorgan's competitive moat [2] Group 2: Investment Opportunity - TD Cowen reiterated JPMorgan as its top pick among money-center banks, noting that recent selling pressure following an expense update has created an attractive buying opportunity [3] - Shares are trading at approximately 14.2 times projected 2027 earnings, indicating that JPMorgan appears undervalued relative to its leadership position and role in driving innovation across financial services [3] Group 3: Rating Justification - The Buy rating was reaffirmed based on the company's durable franchise, strategic investments, and long-term earnings power [4]