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Downgrade Alert for JPMorgan Chase (JPM)

By Nick Russo

JPMorgan Chase (NYSE:JPM) was downgraded from Outperform to Market Perform at BMO Capital today. The stock closed yesterday at $67.17 on volume of 14.9 million shares, below 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.

Potential upside of 8.9% exists for JPMorgan Chase, based on a current level of $67.17 and analysts' average consensus price target of $73.17. JPMorgan Chase shares have support at the 200-day moving average (MA) of $62.55 and additional support at the 50-day MA of $60.39.

In the past 52 weeks, JPMorgan Chase share prices have been bracketed by a low of $50.07 and a high of $70.61 and closed yesterday at $67.17, 34% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 0.68% higher over the past week, respectively.

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 4.7%. 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