Analysts and investors are keenly observing the stock performance of JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) ahead of their third-quarter earnings reports on Oct. 11.
Both banks are showcasing strong technical indicators, but which stock charts a more bullish path?
JPMorgan Chase: Strong Bullish Signals
JPMorgan is expected to report earnings of $4.01 per share on revenues of $41.66 billion. The stock is currently priced at $213.42, slightly above its analyst consensus target price of $207.17. Consensus analysts rating for JPMorgan stock stands at Overweight.
Recent ratings from Oppenheimer, Morgan Stanley, and Deutsche Bank have set an average price target of $229.67, suggesting a potential upside of 7.53%.
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Technical analysis paints a positive picture for JPMorgan stock. The share price is comfortably above its eight, 20 and 50-day simple moving averages (SMAs), indicating strong bullish momentum.
Additionally, with the stock trading above its 200-day simple moving average (SMA) of $195.79, multiple indicators point towards a bullish signal.
Wells Fargo: Promising Yet Cautious Outlook
In comparison, Wall Street expects Wells Fargo to deliver earnings of $1.28 per share and revenues of $20.4 billion. The current share price stands at $57.54, lower than the consensus target of $59.80. Consensus analysts rating for Wells Fargo stock stands at a Neutral.
However, recent ratings from Wolfe Research, Evercore ISI Group, and Morgan Stanley project an average target of $66.67, hinting at a more substantial upside of 15.86%.
Chart created using Benzinga Pro
Wells Fargo stock's technical indicators are also encouraging. The stock price is comfortably above its eight, 20 and 50-day SMAs, with bullish signals confirmed across these indicators.
The current price exceeds its 200-day SMA of $55.85, reinforcing the bullish sentiment in the short term.
Read Also: How To Earn $500 A Month From Wells Fargo Stock Ahead Of Q3 Earnings
The Verdict
Both JPMorgan and Wells Fargo display bullish characteristics in their stock charts. New York-based JPMorgan appears to have a stronger technical edge with better analyst ratings and a higher current stock price relative to its moving averages.
Though consensus price target appears to show more upside with San Francisco-based Wells Fargo.
As both companies prepare to release their earnings, investors will be watching closely to see if these bullish trends translate into positive results.
Indeed, Wells Fargo offers a compelling upside potential. But JPMorgan's current strength in both technical and analyst perspectives may position it as the more bullish financial stock ahead of earnings.
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