JPMorgan downgraded to Underperform on valuation at Baird

Baird analyst David George downgraded JPMorgan (JPM) to Underperform from Neutral with an unchanged price target of $235. The firm does not see attractive risk/reward profiles in the U.S. mega cap banking group. JPMorgan will not offer the same level of returns as the last several years at the current valuation, the analyst tells investors in a research note. Baird cites valuation for the downgrade of JPMorgan shares to Underperform.

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