Morgan Stanley Keeps JPMorgan Chase & Co. (JPM) Rated as Equal Weight

JPMorgan Chase & Co. remains one of the stronger performers within the Dow Jones Industrial Average in 2025. The bank continues to draw attention from analysts as it navigates rising costs alongside solid revenue momentum.

On December 10, 2025, Morgan Stanley adjusted its price target for JPMorgan Chase & Co. from $338 to $331 while reaffirming an Equal Weight recommendation. The firm also updated its earnings forecasts, lowering projected earnings per share to $21.61 for 2026 and $23.66 for 2027. These revisions reflect increased expense expectations, partially offset by improved performance in the markets division.

A day earlier, JPMorgan disclosed that total expenses for 2026 are expected to reach approximately $105 billion. The increase is largely tied to business expansion and higher operational volumes. Senior management highlighted strategic initiatives as a major contributor to the rising cost base, with a significant portion coming from consumer and community banking activities. Market estimates had previously placed total expenses closer to $100.84 billion.

The bank also signaled continued revenue growth. Trading revenue is projected to rise by low-teen percentages in the fourth quarter, while investment banking revenue is expected to increase at a low single-digit rate. Management noted improving conditions in the mergers and acquisitions environment compared with prior periods.

Following these announcements, JPMorgan Chase & Co. shares declined by 4.3 percent, marking the sharpest single-day drop since early April 2025.

With assets exceeding $4 trillion, JPMorgan Chase & Co. remains one of the largest and most complex financial institutions in the United States, operating across consumer banking, investment banking, and global markets.

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• Morgan Stanley Maintains An Equal Weight Rating On JPMorgan Chase & Co. (JPM)