HSBC upgraded JPMorgan Chase & Co. to 'Hold' from 'Reduce' on February 9, 2026. The firm set a new price target of $319. HSBC suggests the stock's recent weak performance created a more reasonable risk-reward scenario for investors.
This upgrade follows a similar move earlier in the month when Baird upgraded the bank to 'Neutral'. Baird noted that JPMorgan remains well-positioned to gain market share and expand margins across its businesses. This positioning makes a short thesis difficult to maintain, though Baird does not see a compelling case for fresh capital.