The firm said negative operating leverage in 2022 was a 'key reason' for its prior underweight rating on JPMorgan Chase.
Investors should buy shares of JPMorgan Chase for 2023, according to Morgan Stanley. Analyst Betsy Graseck double upgraded the bank's stock to overweight from underweight, saying JPMorgan will have positive operating leverage next year. Operating leverage indicates how well a company can raise operating income by generating revenue.
Still, her $153 price target, raised from $126, implies about 16% upside from Monday's close. Shares of JPMorgan rose 1.8% in Tuesday premarket trading. The analyst said negative operating leverage in 2022 was a "key reason" for her underweight rating, "as operating leverage is the biggest driver of large cap bank stock alpha.
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