5 big analyst picks: JPMorgan is a buy after First Republic takeout | Pro Recap
Investing.com | Author Davit Kirakosyan
Published May 02, 2023 05:19AM ET
Updated May 02, 2023 05:48AM ET
By Davit Kirakosyan
Investing.com -- Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: a fresh buy rating for JPMorgan after it bought out First Republic Bank, plus upgrades for tech titans HP, Dell, Baidu, and Fortinet.
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JPMorgan upgraded to Buy after acquiring First Republic Bank/h2
Odeon Capital upgraded JPMorgan (NYSE:JPM) to Buy from Hold with a price target of $153.60 after the announcement that the Federal Deposit Insurance Corporation (FDIC) said it accepted the bank’s bid to acquire the substantial majority of assets and assume the deposits of the failed regional lender First Republic Bank (NYSE:FRC).
Given its size, wealth, and management skills, Odeon Capital believes JPMorgan was the best choice to eliminate the problem called First Republic. “The bank made this acquisition on a basis that appears to offer very rich rewards over an extended period of time,” added the firm.
JPMorgan shares closed more than 2% higher yesterday.
HP upgraded to Equalweight ahead of Q2 earnings/h2
Morgan Stanley upgraded HP (NYSE:HPQ) to Equalweight from Underweight and raised its price target to $31.00 from $28.00. Shares rose more than 1% premarket today.
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