Banking On Less: Truist Trims Price Forecasts For JPMorgan, Wells Fargo After Mixed Signals

Truist Securities analyst John McDonald slashed price forecasts and updated estimates for big banks JPMorgan Chase & Co. (NYSE:JPM) and Wells Fargo & Company (NYSE:WFC) following their first-quarter earnings release last week.

JPM: The bank reported a net revenueof $46 billion (+8% Y/Y). It beat the consensus of $44.1 billion and EPS of $5.07, exceeding the consensus of $4.62.

McDonald maintained the 2025 earnings per share estimate at $18.35. He also trimmed the 2026 forecast to $19.30 (a reduction of 25 cents).

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The analyst says the 2025 revision reflects an upward adjustment in revenue expectations as ...