BMO Capital analyst James Fotheringham nudges his price target on JPMorgan down to $123 from $124 and kept his Market Perform rating on the shares after the bank posted a fees/credit-driven earnings miss in Q4. The analyst notes that the price decline in bank stocks was "value restoring" for the sector and still sees a " relatively benign system-wide fundamental credit quality over the next two years". Fotheringham adds that better values in financials exist elsewhere, with JPMorgan trading at two-year forward multiples that are "only slightly below its long-term historical average".

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