1 Wall Street Analyst Thinks JPMorgan Chase Stock Is Going to $260. Is It a Buy?

One analyst believes JPMorgan Chase (NYSE: JPM) stock isn't the bargain it once was. He substantially lowered his price target on the "Big Four" U.S. bank last week, yet he remains bullish on its prospects. Here's a detail or several about his new take on the company, and whether his positive outlook is warranted.

More of a chop than a slice

CFRA's Kenneth Leon published an update on JPMorgan Chase following the bank's unveiling of its first-quarter results Friday morning. As in preceding quarters the lender did well, posting solid year-over-year growth on both the top and bottom lines, and topping the consensus analyst estimates for both.

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Yet like the rest of the world's businesses, JPMorgan Chase is currently sailing in unfamiliar waters. This was the crux of Leon's price target reduction, according to reports. The analyst wrote that he was narrowing his equity risk premium on the stock due to the currently high level of global uncertainty around U.S. trade policy.

Nevertheless, Leon was very complimentary about the bank's trailing performance. In his view, all of JPMorgan Chase's businesses demonstrated robust health during the quarter, with its commercial and investment bank division especially benefiting from recent market volatility.

With all this considered, Leon cut his price target to $260 per share, from his former $310. As that's nearly 12% higher than the company's most recent closing level; but he maintained his buy recommendation.

Time to hold the line

It can be tough to stay bullish on a business so exposed to the whims of the global economy. JPMorgan Chase, though, has a very solid balance sheet and a management team that knows how to earn coin in even the most turbulent times. I think maintaining a bullish stance is the smart move with this stock, and I'd be a buyer at the current discount price.

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JPMorgan Chase is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.