Why JPMorgan Is Bullish On American Express, Bearish On Rocket Companies
Portfolio Pulse from Priya Nigam
JPMorgan analyst Richard Shane upgraded American Express (AXP) to Overweight with a price target of $205 and downgraded Rocket Companies (RKT) to Underweight with a price target of $10.50. AXP is seen as a safe haven amid economic pressures, while RKT's current valuation is believed to fully reflect potential future earnings. AXP shares rose 0.8%, while RKT shares fell 3.3% at the time of publication.
January 04, 2024 | 4:12 pm
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POSITIVE IMPACT
American Express upgraded to Overweight by JPMorgan with a new price target of $205, seen as a safe haven for investors.
The upgrade to Overweight and the increase in price target to $205 by JPMorgan suggests a bullish outlook for American Express, which could lead to a positive short-term impact on the stock price. The analyst's view of AXP as a safe haven could attract more investors.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Rocket Companies downgraded to Underweight by JPMorgan, despite raising the price target to $10.50, due to valuation concerns.
The downgrade to Underweight indicates a bearish stance by JPMorgan, suggesting that the current stock price of Rocket Companies may be overvalued. This could lead to a negative short-term impact on RKT's stock price, despite the raised price target.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90