JP Morgan on Brink of Historic Market Cap Milestone
JPMorgan Chase & Co. is on track to become the first bank in history to reach a market capitalization of $1 trillion.
A Bank of America analyst believes that even at this valuation, JPMorgan's shares would continue to trade at a relatively attractive discount to the broader market.
The analyst notes that 11 companies in the S&P 500 with market capitalizations above $1 trillion have significantly higher price-to-earnings (P/E) ratios than JPMorgan, which is currently trading at around 15 times earnings.
Wall Street analysts are divided over whether JPMorgan shares can continue to rise. According to Bloomberg, none of the analysts currently recommends selling the stock, with 18 recommending a 'buy' and another 15 advising investors to hold the shares.