The higher price target comes after the New York-based bank reported better-than-expected earnings results for the 2016 first quarter yesterday morning.
JPMorgan posted earnings of $1.35 per share, beating analysts' estimates of $1.26 per share. Revenue slipped 3% to $24.08 billion, but was higher than Wall Street's expectations of $23.4 billion.
Among the four money-center banks, BMO's preference hierarchy remains: Citigroup (C), JPMorgan, Bank of America Corp. (BAC) and Wells Fargo & Co. (WFC).
"Despite exciting upside potential for JPM shares, we still prefer C shares due to C's superior growth prospects for regulatory capital and lower valuation," the firm wrote in a note.
Shares of JPMorgan closed higher by 1.29% to $62.59 on heavy trading volume on Thursday.
About 22.43 million of the bank's shares were traded today vs. its average volume of 16.38 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on JPMorgan stock.
The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins, growth in earnings per share, attractive valuation levels and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: JPM