(CercleFinance.com) – Wells Fargo maintained its ‘weight online’ recommendation on JP Morgan Chase & Co. on Monday, explaining that it preferred to continue to steer clear of value.
In a note, the intermediary explains that the premium on which the American banking group trades on the stock market is essentially due to the admiration felt by the market for its CEO Jamie Dimon, who, according to him, displays one of the the most flattering stock market results of his entire generation within the sector.
Since he arrived at JPMorgan from Citi in 2000 as head of Bank One, the New York firm’s share price has indeed grown 50 times more than that of Citi, notes the analyst.
For Wells Fargo, the loss of transparency, the slackening of financial discipline and the lesser consideration enjoyed by JPMorgan’s shareholders are, however, all elements likely to call into question the past performance of the financial group.
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