JPMorgan Chase: Stretched Near 2.2x P/B, Concerning Price Action (Downgrade)

JPMorgan Chase is downgraded to 'Hold' due to elevated valuation and technical weakness despite a fortress balance sheet. JPM trades at 2.15x forward book, a 22% premium to its long-term average, and P/E is also above historical norms. Q4 results showed strong revenue, but net income dropped 7% YoY, impacted by a $2.2 billion Apple Card reserve build.