June 3, 2025

Baird Analyst Downgrades JPMorgan Chase Stock to “Sell”, Tells Clients to Take Profit

Financial services firm Baird believes the good times for JPMorgan Chase stock won’t last for long. In a note sent on Thursday, Baird’s analyst David George downgraded the stock from “Neutral” to “Sell” while advising clients to take the profit after the recent rally.

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According to George, JP Morgan is “over-earning” on multiple levels, with the banking giant’s shares considered “expensive” in terms of its current trading extent. Additionally, he sees the stock as having a “poor” risk-reward profile.

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Although the market trends at the moment are favoring banking stocks, George believes that JPMorgan doesn’t offer any significant upside for investors and they should move on.

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“We find that expectations are quite high, with the stock trading at ~2.6x [tangible book value], 15% cap to assets, over 14x 2026 [earnings per share] estimates, and ~10x [pre-provision net revenue] – all close or at all-time highs,” George wrote in the note. “We know we are fighting the tape here, but believe it makes sense to sell the stock.”

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Baird now has a price target of $200 for JPMorgan Chase, which represents almost a 20% decline compared to the price of $245.50 per share on Thursday. The stock is currently 43.57% up year-to-date.