NEW YORK (TheStreet) -- JP Morgan Chase (JPM) stock was upgraded to "outperform" from "neutral" by Macquarie analysts on Friday. The firm raised the company's price target to $68 from $62.
JP Morgan shares were up 0.8% to $61.16 in premarket trading Friday.
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Macquarie upgraded its rating due to the fact that larger institutions in the sector are trading higher and JP Morgan may see a bump due to sector rotation.
"Moreover, larger domestic plays such as Bank of America (BAC) & Wells Fargo (WFC) also appear rich, trading at 11.5x and 12.4x, respectively. As a result, we are upgrading the shares to Outperform from Neutral, as we believe JPM may benefit from a sector rotation as one of the cheapest ways to play this theme," Macquarie said in its note.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, expanding profit margins and attractive valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."