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Downgrade Alert for JPMorgan Chase (JPM)

By Shiri Gupta

JPMorgan Chase (NYSE:JPM) was downgraded from Buy to Hold at Sandler O'Neill today. The stock closed yesterday at $67.87 on volume of 16.6 million shares, above average daily volume of 15.7 million.

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.

There is potential upside of 7.8% for shares of JPMorgan Chase based on a current price of $67.87 and an 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 share prices have moved between a 52-week high of $70.61 and a 52-week low of $50.07 and closed yesterday at 36% above that low price at $67.87 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of JPMorgan Chase on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.51. Since that recommendation, shares of JPMorgan Chase have risen 4.9%. We continue to monitor JPM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades JPMorgan Chase

Ticker(s): JPM