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JPMorgan: Berenberg upgrades stock

( - On Monday Berenberg upgraded JPMorgan Chase shares from "sell" to "hold" with a target price of 120 dollars.

In a report, the German broker acknowledges that JPMorgan is operating in a "challenging" environment at the moment, as economic uncertainty has reduced its investment banking business while the spectre of a US recession is haunting its retail and corporate businesses.

However, analysts note that with the share price now showing a discount of around 20% relative to its long-term average and given the short-lived nature of these headwinds, they believe that downside risks are now more limited.

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