JPMorgan’s Q4 Beat Prompts Stock Pullback as Analysts Boost Price Targets

Many point to the Apple Card reserve as a one-time accounting hit, not a deterioration in core performance.

Overview

JPMorgan reported fourth-quarter revenue up 7% to $46.8 billion with $13 billion in net income, alongside strong net interest income and a jump in Markets revenue.
The bank booked a $2.2 billion reserve tied to the Apple Card portfolio transfer that temporarily increased standardized risk‑weighted assets by about $23 billion.
Shares fell more than 4% after the release and slipped again the next day as CEO Jamie Dimon highlighted geopolitical risks and rising U.S. deficits on the call.
TD Cowen reaffirmed a Buy rating with a $400 price target, Baird raised its target to $280 with an Underperform, Truist lifted its target to $334 and its 2026 EPS forecast, and RBC cited JPMorgan’s diversified, profitable model.
Commentary from investors and strategists characterizes the sell-off as headline-driven, while political talk of a 10% credit-card APR cap is flagged as speculative and dependent on legislation.