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Downgrade Alert for JPMorgan Chase (JPM)

By Shiri Gupta

JPMorgan Chase (NYSE:JPM) was downgraded from Outperform to Market Perform at Bernstein today. The stock closed yesterday at $65.71 on volume of 10.1 million shares, below average daily volume of 15.7 million.

Over the past year, JPMorgan Chase has traded in a range of $50.07 to $70.61 and closed yesterday at $65.71, 31% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

JPMorgan Chase has overhead space with shares priced $65.71, or 10.2% below the average consensus analyst price target of $73.17. The stock should discover initial support at its 200-day moving average (MA) of $62.55 and subsequent support at its 50-day MA of $60.39.

JPMorgan Chase & Co. provides global financial services and retail banking. The Company provides services such as investment banking, treasury and securities services, asset management, private banking, card member services, commercial banking, and home finance. JP Morgan Chase serves business enterprises, institutions, and individuals.

SmarTrend is tracking the current trend status for JPMorgan Chase and will alert subscribers who have JPM in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades JPMorgan Chase

Ticker(s): JPM