Jefferies reaffirms its 'buy' recommendation on JPMorgan Chase with an adjusted price target of $227 to $230, in the wake of EPS estimates raised from $16.15/15.90 to $16.50/16.45 for 2024 and 2025, following an investor day.

The broker notes that the bank has maintained its medium-term ROTCE target of around 17%, "assuming a reasonable Basel 3 result", and considers its surplus capital abundant, but sees few convincing uses for it in the short term.

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