JP Morgan Sweeps Banks Higher; Medtech Faces Cuts

JP Morgan's equity desk was busy on Sunday. Analyst Vivek Juneja lifted price targets across six US bank stocks in a single sweep. WFC went to $92, USB to $65.50, TFC to $51.50, RF to $31, STT to $192.50 and PNC to $259. All six retain Hold or Sell ratings, so the moves reflect improved estimates rather than a change in conviction.

The most notable call in the sweep was on ARES. JP Morgan's Kenneth Worthington trimmed his target on Ares Management to $154 from $155. The stock sits in a sector where rising unemployment in Europe could weigh on credit conditions. Euro-area joblessness hit 6.5% in September 2026, the highest September reading in two years, according to ORTEX Alt Data.

On the waste-management side, JP Morgan raised its target on RSG sharply to $265 from $245, a $20 move while keeping a Hold rating. That gap between a bullish target and a cautious rating is the kind of setup worth watching.

SYK saw the consensus target edge down to $350.42 from $358.58. The medtech giant faces 23 analyst holds against just one buy, a distribution that leaves little room for positive surprises.

TROW also got a target bump from JP Morgan to $107, though the firm keeps a Sell rating. T. Rowe Price carries four sells in the consensus, a rare bearish skew for a major asset manager.