JPM and GE were both upgraded today
It's been a hectic week already on Wall Street, as investors react to news that the Federal Reserve may have to hike interest rates for longer than previously thought. Nevertheless, analysts remain confident enough to upgrade JPMorgan Chase & Co. (NYSE:JPM) and General Electric Company (NYSE:GE), two heavy hitters that could overcome the recently stoked fears.
JPMorgan Chase Stock Double-Upgraded
Morgan Stanley double-upgraded JPMorgan Chase stock to "overweight" from "underweight." The brokerage cited several factors, including improved operating leverage and JPMorgan Chase's Consumer & Community Bank, which is taking on a significant market share.
Last seen up 1.2% to trade at $132.80, the shares recently pulled back from nine-month highs above the $138 area, but they still stand 27.6% higher for the quarter. Longer-term, JPMorgan Chase stock is down 16.5% in the last 12 months.
Investors Should Load Up on GE
Oppenheimer upgraded General Electric stock to "outperform" from "perform," and set its price target on the shares to $104. The bull note was issued on Oppenheimer's confidence in GE's aviation and power operations and a generally improving outlook for the industrial giant.
GE was last seen 1.8% higher to trade at $86.14. The equity has battled with the $86 level for the last six sessions, and General Electric stock now sits 8.9% below its year-to-date breakeven mark.