JPMorgan Chase Issues Market Update, Says One Stock Could Soar 116%: Report
JPMorgan Chase just issued an update on the firm’s financial outlook.
In a new note to clients, global investment strategist Madison Faller says JPMorgan has a “glass half-full” view after a month-long stock market dip, reports the financial technology firm TipRanks.
“In any given year, there are good things and bad things that impact the economy and markets. And while we tend to see the glass half-full when we examine the current slate of opportunities and risks, we’re also reminded that volatility is normal.”
With the stock market down 3.8% in the last month, Faller says most investors miss opportunities to buy the dip.
“Investors tend to sell during the dips and miss the recovery – already, flows into cash and out of stocks have been meaningful this year. But when investors are fearful, that is often the time to pounce.”
In the crypto markets, JPMorgan Chase managing director Nikolaos Panigirtzoglou says he sees “limited downside” after a recent correction, reports Bloomberg.
According to Panigirtzoglou, the long-position liquidations are largely over, and “as a result, we see limited downside for crypto markets over the near term.”
As for specific stocks, TipRanks says JPMorgan analyst Philip Cusick is bullish on Telephone & Data Systems (TDS), which rallied after the firm signaled it’s preparing to sell its 83% stake in US Cellular.
The company’s second-quarter sales and earnings were below expectations, but Cusick says the restructuring could fuel a rally from $17.59 to $38, implying an upside potential of 116% over the next year.
In addition, JPMorgan analyst Eric Joseph says the clinical-stage vaccine development firm HilleVax (HLVX) could soar as the company’s vaccines move through trial stages. Joseph has set an upside price target of $22 compared to its current price of $13, a potential rise of 69%.
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