Piper Sandler on Thursday said it launched coverage of three large U.S. banks including an overweight rating on JPMorgan Chase & Co. , with a price target of $150 a share, as well as neutral ratings on Bank of America Corp. and Citigroup with price targets of $36 a share and $48 a share respectively. The firm also reiterated an overweight rating on Wells Fargo & Co. . “We prefer JPM as our favorite quality name, and we prefer WFC as an ongoing turnaround story,” said analyst R. Scott Siefers. The four banks hold nearly 40% of the deposits in the U.S. JPMorgan Chase stock rose 0.7% in premarket trades. Bank of America is up by 0.9% while Citigroup is gaining 1.1% and Wells Fargo is ahead by 0.8%.
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