Baird downgraded JPMorgan (JPM) to Underperform from Neutral with an unchanged price target of $200. The analyst urges investors to take profits in JPMorgan shares here, saying current prices offer a poor risk/reward. The firm sees limited upside in the stock. Baird understands the optimism market participants have around a “more benign” regulatory environment, along with a more pro-growth macroeconomic agenda under President Trump. At the same time, it finds that JPMorgan’s expectations “are quite high” with the stock trading close or at all-time highs. “We know we are fighting the tape here, but believe it makes sense to sell the stock here given what we see as limited upside,” the analyst tells investors in a research note.
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