Major Bank Ratings | Goldman Sachs: Reiterates "Buy" Rating for JPMorgan, Expects Returns to Remain Above Guidance This Year and Next

Glonghui January 14｜Goldman Sachs released a research report stating that JPMorgan Chase's earnings per share for Q4 2025 is $4.63, lower than Goldman Sachs' and market expectations of $5.19 and $5.02, respectively; core earnings per share is $5.25, compared to Goldman Sachs' and market expectations of $5.4 and $5.22, respectively; core return on tangible common equity is 19.8%, about 3 percentage points higher than its mid-term target of 17%. Based on higher net interest income and fee income forecasts, Goldman Sachs raised its forecasts for JPMorgan's pre-provision net revenue (PPNR) for 2026 and 2027 by 2% and 3%, respectively, and increased its earnings per share estimates by 3%. Goldman Sachs also expects JPMorgan's return on tangible common equity to remain above the mid-term target of 17%, with projected return rates of approximately 20% and 21% for 2026 and 2027, respectively. The "Buy" rating is reiterated, and the target price is maintained at $386.