Just 'Okay' Is Still Pretty Good For JPMorgan

It’s a testament to the quality of JPMorgan (JPM) and the run it has established over the last four or five years that the company had to reassure investors on its second-quarter call. JPMorgan’s earnings weren’t bad, and I don’t think many large banks will do substantially better, but investors have gotten used to JPMorgan setting the pace and not just delivering “okay, I guess…” results.

JPMorgan has been one of the better performers among the large banks over the past year, and I’ve been pretty consistently bullish on this name. Given its leverage to recurring revenue sources that is almost “subscription-like” in its persistence, I think this bank has incrementally less to fear from the rate cycle, and I believe it can and will be among the better growers in its weight class. While the shares are not dramatically undervalued, I still see enough undervaluation to merit buying and holding these shares.

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Just 'Okay' Is Still Pretty Good For JPMorgan