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J.P. Morgan shares close lower on Monday, bank appoints Peihao Huang of UBS as co-head of Asia ECM business

According to a report by Reuters, citing two sources familiar with the matter, J.P. Morgan Chase (JPM) has appointed UBS banker Peihao Huang as the co-head of its Equity Capital Markets (ECM) business in Asia, excluding Japan.

J.P. Morgan Chase shares closed lower for the fifth time in the past ten trading sessions in New York on Monday. The stock went down 0.38% ($0.46) to $121.88, after touching an intraday low at $120.24, or a price level not seen since December 2nd ($119.33).

Shares of J.P. Morgan Chase & Co have retreated 12.57% so far in 2020 compared with a 14.27% gain for the benchmark index, S&P 500 (SPX).

In 2019, J.P. Morgan’s stock went up 42.80%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

Huang served as UBS’s head of Asia ECM business, but parted ways with the Swiss bank on Monday to become part of J.P. Morgan’s leadership team.

According to one of the sources, Lauro Baja, UBS’s head of Asia Pacific Capital Markets, is expected to cover Huang’s duties.

J.P. Morgan had appointed in October Francesco Lavatelli as the head of its Equity Capital Markets business for the Asia Pacific region.

Analyst stock price forecast and recommendation

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $125.00, with a high estimate of $144.00 and a low estimate of $80.00. The median estimate represents a 2.56% upside compared to the closing price of $121.88 on December 7th.

The same media also reported that at least 15 out of 27 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 2 analysts had recommended selling the stock. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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