JPMorgan gains on Jefferies' upgrade to 'buy' ahead of earnings

Hancock Whitney

11/07/2023 11:10

** JPMorgan's shares  JPM.N  gain 1.1% to $146.75 premarket
    ** Jefferies upgrades JPM to "buy" ahead of the largest U.S.
bank's quarterly results later in the week
    ** Jefferies, in a Q2 bank earnings preview note, says JPM
has a stable earnings outlook but the broader sector faces many
uncertainties
    ** Says while the sector's valuations remain way below
historical avg, the near-term outlook is clouded by downward
earnings revisions
    ** Jefferies cuts Truist Financial  TFC.N , Zions Bancorp
 ZION.O  and Hancock Whitney  HWC.N  to "hold"
    ** TFC slips 1.1% and ZION falls 1.5% premarket
    ** The S&P 500 banks index  .SPXBK  has lost 9.1% this year
versus a 14.8% gain in the benchmark S&P 500  .SPX 
    ** JPM and Citigroup  C.N  to report earnings on Friday

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))