jpmorgan chase  co jpm stock is down 04 in premarket trades on wednesday after citi analyst keith horowitz downgraded the megabank’s stock to neutral from buy due to its outperformance this year compared to other banks “jpm is viewed as a highquality franchise with a strong management team and balance sheet and in turn is rewarded with a premium valuation” horowitz said with the stock trading at about 105 times its estimated 2024 earnings per share “we believe the premium valuation has returned and we move to the sidelines” he said horowitz maintained his 160 a share price target for jpmorgan chase in the first half of 2023 jpmorgan stock rose by about 85 while the spdr sp bank etf fell about 20 jpmorgan earnings are on tap for friday along with citigroup c and wells fargo  co wfc 