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JPMorgan Chase & Co.

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JPMorgan's shares have outperformed the industry over the past year. Also, the company has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Its fourth-quarter 2018 results were adversely impacted by weaknesses in trading and underwriting businesses as well as higher costs. These were partially offset by growth in loans and higher advisory fees. Expansion into new markets, focus on the card business, higher rates and increasing loan demand will support profitability. Its enhanced capital deployment actions reflect strong liquidity position. However, dismal mortgage banking performance (owing to lower origination volume) remains a major concern. Its significant dependence on capital markets makes us wary. These are expected to hurt the bank's fee income growth to an extent.


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