JPM·JPMorgan Chase & Co.

JPMorgan maintains an Overweight rating on Hikma Pharmaceuticals, though the price target was trimmed to £20.00 from £24.00, reflecting divergent analyst views on execution and evolving investment narratives. This comes as JPMorgan strategists note that retail investors, using the 2022 Ukraine war as a parallel, tend to show initial resilience in equities during geopolitical shocks before selling intensifies after about a month if conflicts persist and impact inflation. In a broader market context, US bank stocks underperformed the S&P 500 in February, with a median negative return indicating potential sector-wide headwinds. JPM CEO Jamie Dimon has also voiced concerns regarding increasing risks in the private credit market, citing issues with valuation opacity, liquidity, and credit quality, despite the sector offering higher yields. Amidst escalating geopolitical tensions, JPMorgan is advising clients to "buy the dip," viewing current market volatility as a temporary disruption with supportive underlying fundamentals. Looking ahead, JPMorgan initiated coverage of SPX Technologies with an Overweight rating and a $260 price target, driven by strong demand in data center cooling and AI infrastructure, with the company investing to expand capacity. Investors should watch for continued commentary on the sustainability of US bank stock performance and any further developments regarding private credit market risks.