Keefe Bruyette analyst Brian Kleinhanzl downgraded JPMorgan (JPM) to Market Perform from Outperform with a $135 price target in conjunction with his 2020 Universal Bank outlook. JPMorgan has been a strong performer in 2019 and remains best in class in terms of quality, but investors should own stocks where consensus earnings estimates have the potential to rise, Kleinhanzl tells investors in a research note. He views rising estimates as the main driver of share price appreciation in 2020 for the universal banks and notes his estimates for JPMorgan are in line with consensus. As such, the analyst, who coupled the downgrade with an upgrade of State Street (STT) to Outperform from Market Perform, views the upside in shares of JPMorgan as limited.