JPMorgan upgraded, Wells Fargo downgraded at Deutsche Bank ahead of earnings results

Deutsche Bank upgraded JPMorgan Chase
JPM,
-0.15%
to buy from hold while downgrading Wells Fargo
WFC,

to hold from buy, in a note on U.S. banks ahead of results this Friday. Analyst Matthew O’Connor said there are three key themes to 2024 — lower interest rates, which help bank capital but weigh on earnings; credit quality; and the regulatory and political backdrop. The price target on JPMorgan was lifted to $190 from $140, while the Wells Fargo target stayed at $51. Of the other big banks, Bank of America’s
BAC,
-0.78%
target was lifted to $35 from $29, Citi’s
C,
-0.59%
target was lifted to $54 from $46, Goldman Sachs’s
GS,
+0.63%
was lifted to $385 from $305 and Morgan Stanley’s
MS,
+0.29%
was increased to $92 from $80.