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What Was This Analyst's Quick Reaction To Wells Fargo And JPMorgan Q4 Earnings?

What Was This Analyst's Quick Reaction To Wells Fargo And JPMorgan Q4 Earnings?
While any potential weakness with JPMorgan Chase & Coa??s (NYSE:JPM) stock over the next few days would represent a buying opportunity, while Wells Fargo & Co.a??s (NYSE:WFC) stock could benefit from a??some rotation out of JPM, at least in the near term,a?? according to BofA Securities.

BofA On JPMorgan Earnings

Ebrahim Poonawala reiterated a Buy rating for JPMorgan Chase, while maintaining the price target at $200.

a??JPM reported core 4Q21 EPS of $3.28 (ex. gain on equity investments), beating our/consensus est. of $2.92/$2.99, respectively, primarily driven by a $1.3bn reserve release. Pre-provision net revenue came in-line with our est. and slightly better than cons,a?? the analyst wrote.

a??Spread revenue guide (bakes-in forward curve), implied ~$56-58bn (investment banking spread income a wildcard) is also ahead of our/cons $56.5bn/$56.1bn forecast,a?? he added.
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