Can the stock of world's largest gold producer reach even greater heights or has Newmont already priced in too much optimism?  

Gold's appeal in uncertain times

The appeal of gold as a safe haven remains strong amid geopolitical uncertainty and macroeconomic risks. Higher gold prices naturally boost Newmont's revenue, and in recent quarters the company has benefitted handsomely from that tailwind.

There is a strong argument that Newmont's share price could keep climbing, particularly if the gold rally continues. The good news for gold investors is that several market experts predict that new record heights are in sight due to strong central bank purchasing and strengthening market investment.

America's biggest bank, JPMorgan Chase & Co (NYSE: JPM) and French bank Societe Generale SA say the gold price could exceed US$5,000 per ounce next year. Goldman Sachs Group Inc (NYSE: GS) is tipping US$4,900 per ounce by the end of 2026. The current gold price is US$4,103 per ounce, so analysts believe there's room to grow.

Strong results and deep reserves

Newmont is in a good position to continue to outpace the gold market, as it has done in the past 12 months. It has first-class gold reserves in all parts of the world, healthy margins and a low-debt capital structure.

The company's results in the third quarter (Q3 2025) were strong. Over the three months, Newmont produced 1.4 million gold ounces and net income was up 18.8% to US$1.9 billion compared to Q2 2025.  

Off the pace

The gold giant faces clear pressure from volatile gold process, operational setbacks and rising operating costs, that can quickly erode margins and affect the share price.

In the past two trading days, Newmont shares have dropped off the pace with losing 6% of its value. A slight hick-up in the gold price and investors cashing in on their Newmont investment could be the main reasons for the decline.

Most analysts remain upbeat on the ASX stock, with the majority recommending a hold or buy and forecasting 10-18% upside.

However, Baker Young thinks it's time to take profits on Newmont shares.

The broker notes:  

As much as the underlying drivers of record gold prices remain intact, including inflation, low interest rates and high levels of geopolitical tension, we view the recent spike as unsustainable in the longer term. We would be locking in part profits on gold producer Newmont following a recent mixed quarterly update. It delivered marginally better than predicted production, but also warned of higher than anticipated capital expenditure requirements that we expect will reduce free cash flow during fiscal year 2026.

The post Is there scope for Newmont shares to climb higher? appeared first on The Motley Fool Australia.

When the closing bell rang, shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock were changing hands for $3.43 apiece, down 0.15%.

For some context, the ASX 200 also closed the day just about flat.

While Pilbara Minerals shares are now 'only' up about 9.5% over 12 months, the stock has been racing higher since plumbing four-year closing lows of $1.14 a share on 3 June.

At Wednesday's close, that marks a gain of 200% in just over five months. Or enough to turn an $8,000 investment in early June into around $24,000 today.

Boom!

But with those kinds of outsized gains already in the bag, is the ASX 200 lithium stock still a good buy today?

Should you buy Pilbara Minerals shares today?

Baker Young's Toby Grimm recently ran his slide rule over the Aussie lithium miner (courtesy of The Bull).

"The lithium miner's latest quarterly results highlight why we view PLS as our preferred lithium exposure," said Grimm.

"The company showed exceptional cost control. Mining costs fell 13% at the same time as the average price it received rose by 20%, driving a major boost in operating profit," he noted.

Indeed, Pilbara Minerals shares closed up 9.1% on 24 October, the day the miner reported its first-quarter (Q1 FY2026) results.

Other key results included a 2% quarter-on-quarter increase in spodumene production to 224,800 tonnes. And with the company achieving a 20% increase in its average realised price for the lithium-bearing mineral, September quarterly revenue of  $251 million was up 30% from the prior quarter.

Then there's the miner's strong balance sheet.

According to Grimm:

Pilbara has already achieved highly competitive scale and has more than $1 billion in cash on the balance sheet to fund material output growth should an anticipated lithium recovery take shape in coming years.

But following the big uptick in the share price, Grimm currently has a hold recommendation on Pilbara Minerals shares.

What's happening with global lithium prices?

Atop its own operational successes, Pilbara Minerals shares have caught significant headwinds from the rebounding lithium price, which is now up around 38% from late June's multi-year lows.

And according to global investment bank JPMorgan Chase & Co (NYSE: JPM), growing demand for EVs and the rapid rollout of large-scale battery storage systems are likely to drive a sustained boost in prices in 2026 and 2027.

"After what was looking like a soft few years ahead for lithium prices, energy storage battery shipments have shown massive growth year-to-date," Lyndon Fagan, JPMorgan's head of basic materials research, said.

The bank has boosted its forecast for spodumene prices to between US$1,100 and US$1,200 per tonne for 2026 and 2027, up from its prior forecast of US$800 per tonne.

The post With $1 billion in cash on the balance sheet, should you buy Pilbara Minerals shares today? appeared first on The Motley Fool Australia.

The ASX 200 supermarket giant is up 23% for the year to date, significantly outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 10% over the same period. 

Coles also offers an attractive dividend yield of nearly 3%, making it also appeal to those after passive income. 

Given Coles' wide appeal, ASX investors may be wondering whether the ASX 200 consumer staples stock is attractively valued today.

Let's see what one leading expert recently had to say.

JP Morgan evaluates Coles

Coles shares surged 8% the day it released its FY25 results. As The Motley Fool's Bernd Struben reported at the time, this was mainly attributed to Coles' particularly strong supermarket revenue growth of 4.3%.

Following its FY25 result, investment bank JP Morgan Chase & Co (NYSE: JPM) released a new research note evaluating Coles' result and future prospects. 

JP Morgan described Coles' sale momentum over the prior five months as materially stronger, which is attributed to both market share gains and an improving consumer backdrop. 

The investment bank said Coles is likely benefiting from rival Woolworths Group Ltd (ASX: WOW)'s focus on cost-out, with significant management turnover contributing to a drop in execution.

On 26 August, JP Morgan gave Coles a neutral rating and increased its price target from $20 to $21.80. 

Given that Coles shares closed at $23.16 on Friday, this suggests they will decline from here over the next 12 months.

Justifying this rating, JP Morgan said:

We have a Neutral rating. Coles is likely to face cost pressures with bricks and mortar operating deleverage, as well as ongoing losses from Ocado CFC under-utilisation and elevated wage growth expected to continue in the medium term. However, market share losses to Aldi are starting to moderate as value for shoppers becomes less important against an easing cost of living backdrop, and a gross margin-focused strategy is expected to be utilised to offset cost pressures.

JP Morgan's valuation implies a forward price-to-earnings (P/E) multiple of 21, which would represent a 2% discount to Woolworths. 

For context, Woolworths has significantly underperformed Coles for the year to date, falling 20%.

Foolish Takeaway

Based on their performance for the year to date, Coles shares are an attractive investment for both capital growth and dividends. However, after reviewing its FY25 results, JP Morgan assigned the ASX 200 stock a neutral rating. According to JP Morgan's price target and the current share price, Coles shares are set to decline over the next 12 months. Those looking to buy Coles shares should wait for a more attractive entry point.

The post What does JP Morgan think Coles shares are worth? appeared first on The Motley Fool Australia.

As Australia's leading telecommunications business measured by both network coverage and subscriber numbers, it is a very well known Australian company. 

Over the past five years, Telstra has generated very attractive returns. 

The company has risen 76% over that timeframe, with a significant portion of those returns (nearly 26%) generated in the past year.

The company also offers a very attractive dividend yield of 3.89%. 

Understandably, Telstra's recent performance has heightened investor interest in the ASX 200 communications company. Given its strong capital growth and high yield, it has come under the radar of those looking for both capital growth and passive income. 

Given its track record, are Telstra shares still likely to deliver market-beating returns from here?

The recent Optus outage

The telecommunications sector has been in focus lately, following Optus' outage last month. 

In a 13 September research note, "Optus-ing out: outage impacts for TLS & TPG", Macquarie discussed how this event could impact Telstra shares. 

In particular, the broker predicted Optus would suffer from brand damage and churn. Macquarie also forecasted that every 1% of Optus mobile service in operation (SIO) churn presents 36bps of upside to Telstra's share price. 

The future of Telstra

Last week, The Motley Fool's Tristan Harrison discussed Telstra's role in the future of Australian society and competitive advantage.

He noted that Telstra has played a crucial role in Australian life for decades. This role is only likely to grow stronger, in line with increased technological adoption. 

Telstra's competitive advantage is underpinned by its investment in its 5G network, and progress on 6G. 

However, just because a business has a strong competitive position, doesn't necessarily mean it's necessarily a good investment today. The valuation must also be attractive.

Telstra as an investment today

After reviewing its FY25 result, JP Morgan Chase & Co (NYSE: JPM) provided its view on the business and its outlook. 

JP Morgan said Telstra's FY25 result was largely in line with its expectations, while FY26 guidance was mixed. 

Mobile earnings grew 5%, mainly driven by increased average revenue per user (ARPU), which the investment bank expects to continue in FY26. 

However, it was also noted that subscriber growth decelerated in the second half of FY25, which JP Morgan attributed to increased competition. 

JP Morgan increased its price target on Telstra shares from $4.65 to $4.75. 

Yesterday, Telstra shares closed at $4.88. This suggests returns will remain relatively flat over the next year, when also factoring in Telstra's dividend. 

According to JP Morgan, investors should wait for a more attractive entry point before buying Telstra shares.

The post What does JP Morgan think Telstra shares are worth? appeared first on The Motley Fool Australia.

Five years ago, the popular ASX 200 fast fashion retailer traded at around $8. In late April, Lovisa shares peaked at $43.68. 

However, their journey has not been linear. Rather, Lovisa has been a relatively volatile stock. 

While volatility often unsettles existing shareholders, it provides an opportunity for new investors to buy shares. 

Those who bought Lovisa shares at almost any point over the past five years are likely to have beaten the S&P/ASX 200 Index (ASX: XJO). In particular, those who bought Lovisa shares after the 'Liberation Day' sell-off are now up nearly 80% on their investment. 

Over the past month, Lovisa shares have fallen 12%. 

They are currently changing hands for $37.39. Is this an opportunity for investors to buy Lovisa shares in the dip? 

Let's find out, based on two leading experts' price targets.

Do experts rate Lovisa a buy?

On 27 August, JP Morgan Chase & Co (NYSE: JPM) released a new research note following Lovisa's FY25 result. 

The investment bank highlighted that Lovisa's 28% sales growth for the first eight weeks of FY26 came in well ahead of its expectations. JP Morgan described this level of growth as 'accelerating momentum', driven by both same-store growth and store rollouts.

Lovisa opened 131 net new stores in FY25, bringing its global total to 1,031. Against a backdrop of concerns surrounding US tariffs, US store openings regained momentum, with 23 stores opened during FY25.

However, Europe was the largest contributor, with 86 new stores opened during the period. Looking forward, JP Morgan expects Lovisa to capitalise on Claire's location, a close competitor that recently filed for bankruptcy in Europe. 

JP Morgan raised its price target from $26.50 to $33.60 and maintained a neutral rating.

The investment bank said:

LOV has demonstrated leading store economics and a highly efficient store rollout with a long international pipeline. However, we believe the store rollout is well-priced-in at these levels, which drives our Neutral rating.

Meanwhile, Macquarie Group Ltd (ASX: MQG) is a lot more optimistic with its price target.

After Lovisa's FY25 result, the broker placed a price target of $40.90 and a neutral rating on Lovisa shares. 

The average of these two price targets is $37.25.

At the time of writing, Lovisa shares are trading roughly in line with this figure, at $37.39. 

This suggests that Lovisa shares could be starting to look more attractive for those interested in investing in the ASX 200 growth stock.

The post Down 12% in September, are Lovisa shares a buy the dip opportunity? appeared first on The Motley Fool Australia.

Wesfarmers is one of Australia's largest and most well-known retailers, with brands like Kmart, Bunnings, Officeworks, and Target in its portfolio.

These are places that everyday Australians shop at and see doing well. Many of these stores are often packed with customers, especially around the holiday season.

It's therefore understandable that many Australians may see Wesfarmers shares as a solid investment. 

That perception is also backed by Wesfarmers shares' long-term track record. The company is up more than 100% over the past 5 years, not including dividends paid along the way. Wesfarmers currently offers a moderate dividend yield of 2.24%. 

That kind of return is high enough to please just about any investor. 

But what does the future look like? According to JP Morgan Chase & Co (NYSE: JPM), it is not as appealing. 

Last month, the investment bank released a research note on Wesfarmers shares, rating the stock as underweight. 

Let's find out what was behind this rating.

All about the valuation

In its 27 August research note, JP Morgan commended Wesfarmers for delivering a high-quality FY25 result and solid trading update. 

JP Morgan said Bunnings and Kmart continue to deliver earnings growth, underpinning mid-single digit group earnings per share (EPS), a strong balance sheet, and cash flow generation.

The investment bank said this reinforced its premium valuation. Wesfarmers shares currently trade at around 36 times earnings. 

Commenting on its rating and price target, JP Morgan said:

We continue to see this valuation as excessive, but also fail to see any catalysts to drive a de-rate back to what we consider a fair multiple (~27x PER at our $73.00 target price). If Bunnings and Kmart continue to deliver mid to high single digit growth (which we expect), Wesfarmers is likely to remain well held in what has been a highly volatile market backdrop. Following minor EPS revisions (-0.4% in FY26 and -0.2% in FY27) we increase our price target from $70.00 to $73.00, maintaining our Underweight rating.

Keep an eye on the macro

As a consumer discretionary business, Wesfarmers shares are economically sensitive. 

JP Morgan also acknowledged that a rebound in discretionary spending due to an improved macroeconomic outlook, including the outlook for housing, could result in positive upside. 

With further interest rate cuts projected this year, it's possible that Wesfarmers shares could benefit.

Today's interest rate decision by the Reserve Bank of Australia (RBA) could provide insight into the likely future pathway for rate cuts for the remainder of 2025.

The post Why does JP Morgan have an underweight rating on Wesfarmers shares? appeared first on The Motley Fool Australia.

Despite such warnings, Commonwealth Bank of Australia (ASX: CBA) continued to rise, peaking at $192 earlier this year. 

Since then, CBA shares have steadily declined in value. 

Friday, they closed at $164.88, which is nearly 15% below their peak. 

ASX investors may be wondering whether CBA shares are finally good value.

Last week, Macquarie Group Ltd (ASX: MQG) upgraded its price target on CBA shares. However, this was a minor increase from $105 to $106, which is still well below the current share price. 

Does JP Morgan Chase & Co (NYSE: JPM) have a higher price target? Let's find out.

JP Morgan analyses CBA's FY25 result

After reviewing CBA's FY25 result, which caused CBA shares to drop 5.4%, JP Morgan released a new research note on 13 August. 

The investment bank summarised four key takeaways from the result. Firstly, CBA's cash net profit after tax (NPAT) of $10.25 billion was in line with JP Morgan's forecasts; however, management struck a more cautious tone on its outlook. Secondly, the CBA's net interest margin (NIM) is stable, but pressure will continue. Thirdly, JP Morgan noted persistent competition across the balance sheet. Fourthly, while CBA's retail main financial institution (MFI) fell from 35.5% to 33.2%, with other major banks improving, it remains the market leader.

The investment bank also noted that CBA's operating expense growth of 6.1% (or 5.9% excluding inflation) has stepped up meaningfully over the past two years.

However, JP Morgan said the result was in line with its forecast, resulting in immaterial changes to their FY26 and FY27 forecasts. 

Commenting on the share price reaction, JP Morgan said:

It's tempting to think that the severe market reaction (share price -5.4% vs. ASX 200 -0.6%) is overdone. However, context is important; this broke a run of small EPS upgrades this calendar year, and the shares were likely pricing in greater expectations, as valuation was already very stretched before today.

CBA continued to trade on a forward price-to-earnings ratio of 27 and price-to-book ratio of 3.5.  It also has a return on equity of 13.1%. These numbers make it "arguably the most expensive developed market bank in the world", according to JP Morgan. 

In its research note, JP Morgan outlined several positives for the bank. It said CBA has structural advantages over other major banks due to its peer-leading deposit franchise, very strong proprietary retail banking franchise, superior scale, higher MFI score and technology advantage.

JP Morgan more optimistic than Macquarie

Following the result, JP Morgan provided its price target on the CBA shares. 

The investment bank reiterated its 'Underweight' rating and price target of $120. 

While this is above Macquarie's price target of $106, it suggests the stock has significantly further to fall before it is attractively valued.

The post Down 15% from its peak, are CBA shares fully a buy according to JP Morgan? appeared first on The Motley Fool Australia.

In its 19 September initiation report, JP Morgan gave the stock an overweight rating and a price target of $3.30. 

Sigma has risen more than 100% in the past 5 years.

The company is trading at $3 at the time of writing, which is not too far below its all-time high of $3.32. 

Let's find out how Sigma has performed recently, and why JP Morgan thinks the stock can rise another 10% from here in the next 12 months. 

Recent results

As reported by The Motley Fool's Cameron England, Sigma Healthcare shares soared 7% when releasing their FY25 result. 

Given that this was the first full-year result since the $32 billion merger with Chemist Warehouse Group, which was finalised in February, this was a noteworthy announcement for existing and prospective investors. 

The company reported more than 40% earnings growth for the full year.

Notably, management also upgraded its expected cost synergies from the merger from $60 million to $100 million. 

JP Morgan predicts further upside for Sigma Healthcare

In its initiation report, JP Morgan said Sigma Healthcare offers investors a "rare combination of double-digit growth at scale".

The investment bank cited the following five attributes:

1) market-leading scale in a defensive industry, which is 2) underpinned by an unassailable value position; 3) $100m of synergies over four years supporting long-term growth; 4) a global addressable market with demonstrated success outside of Australia; and 5) a capital-light model and a strong balance sheet that we estimate will reach net cash by FY29.

JP Morgan also described Chemist Warehouse as "a highly cash generative business, driven by a lack of capital intensity (working capital or capex) to drive growth, which is achieved with healthy margins."

The investment bank acknowledged the company's steep valuation, which it estimates to be trading at 44.5x on JPMorgan's 6.7 cents per share EPS forecast. 

However, JP Morgan believes this is justified, also projecting the company will deliver 14.7% annual EPS growth over the next 3 years.

What are other analysts saying?

Jarden analysts are also bullish on Sigma Healthcare shares, also placing a price target of $3.30 on the ASX 200 healthcare stock. 

However, as reported by The Motley Fool's Bronwyn Allen, Dylan Evans from Catapult Wealth recently placed a sell rating on Sigma Healthcare shares on valuation grounds.

Therefore, it appears that experts have mixed views when it comes to Sigma Healthcare shares.

The post JP Morgan initiates coverage on Sigma Healthcare shares with an overweight rating appeared first on The Motley Fool Australia.

On 19 August, CSL posted its FY25 result. 

Heading into the result, CSL shares were widely considered an attractively valued ASX 200 stock. In July, wealthy investors had sold down Commonwealth Bank of Australia (ASX: CBA) shares in favour of CSL. 

However, CSL's result stunned the market. In fact, they triggered a 17% decline, marking the company's largest one day decline since the company listed in 1999. 

On Friday, CSL shares closed below $210. 

Investors may be wondering if CSL shares are a good buying opportunity today. 

Following the result, several brokers released research notes, detailing their views on CSL's result. They also provided updated price targets and recommendations. 

On September 4, my Fool colleague Bronwyn Allen revealed the views of 5 experts which consider CSL shares a buy the dip opportunity. 

Price targets ranged from $291.35 to $300. While the majority of experts cut their price targets following the FY25 result, they remain significantly above CSL's current share price, suggesting the ASX 200 stock is a buying opportunity. 

One view that wasn't disclosed was the opinion of investment banking powerhouse JP Morgan Chase & Co (NYSE: JM). 

Let's find out whether JP Morgan's price target falls in line with other brokers.

JP Morgan releases new CSL research note

On 20 August, JP Morgan unveiled a new research note on CSL shares that analysed the company's FY25 result. 

The investment bank cut its price target from $305 to $282, marking the lowest price target among the expert views previously revealed. 

Behind this price cut was the shift in timing surrounding CSL's cost reduction program. JP Morgan said, CSL promised a larger cost reduction program than they had expected. However, they will take longer to materialise, and there will be almost no benefit in FY26. 

JP Morgan also commented on CSL's decision to spin off its vaccine business Seqirus, which has been criticised by investors. 

The financial impact of the spin-off is difficult to estimate at this stage. We are skeptical it would be accretive for shareholders but it should ensure that the remaining CSL business offers a better growth profile. We are also cautious that a change from NPATA guidance would be logical post the spin-off but this would result in a further degradation of sell-side profit forecasts and hence the PE multiple.

CSL currently trades at a forward price-to-earnings ratio (PE) of 20 times. This is well below its historical average of around 32 times earnings.

How much upside could CSL shares deliver?

Despite flagging several concerns in its research note, JP Morgan maintained a positive view on the stock, given its current valuation. 

"We view CSL as attractively valued and retain our Overweight rating." JP Morgan wrote.

Its price target suggests the ASX 200 healthcare stock could rise around 35% in the next 12 months.

The post JP Morgan cuts price target on CSL shares. Are they still a buy? appeared first on The Motley Fool Australia.

Resmed hit an all-time high of $44.12 last Friday. Its shares are now up 16% for the year to date, and 52% over the past 5 years. 

Resmed is widely regarded as one of the highest-quality growth companies on the ASX. Those interested in Resmed shares may be wondering whether it's too late to invest.

What happened?

Resmed's FY25 results did not disappoint.

The sleep disorder treatment company delivered a 10% increase in revenue compared to a year ago. This drove a 19% increase in operating profit. 

What does this mean for future returns?

JP Morgan's take

After reviewing its FY25 results, JP Morgan Chase & Co (NYSE: JPM) gave its take on Resmed shares.  

The broker noted that this was Resmed's best quarterly gross margin in a decade. Resmed increased its gross margin by 150 basis points, which was more than 100 basis points ahead of JP Morgan's forecast. The good news for investors is that the ASX 200 healthcare stock is forecasting further improvement. 

It wasn't too long ago that Resmed faced supply chain and logistics challenges after the Phillips recall. 

Back in 2021, competitor Philips Respironics initiated a voluntary recall of certain sleep devices due to potential health risks. As a result, demand for Resmed dramatically increased. 

JP Morgan said this latest result proves that supply chain challenges associated with that recall, as well as COVID, are now "fully in the rear-view mirror". 

Commenting on the future, the broker said:

The company is now turning its attention to market growth, given its dominant device share and the potential for faster growth with the GLP-1s/ wearable tailwinds. We are encouraged by the early signs, especially reports of increased CPAP prescriptions from clinicians attending ResMed-supported education programs.

Resmed continues to guide mid-single-digit growth in the device market. According to JP Morgan, given its market dominance in the US, with around 90% share, the company is investing to boost market growth.

What does JP Morgan think Resmed shares are worth?

As investors know, a great earnings result doesn't always mean the stock is a buy today. The valuation also has to be attractive.

However, in this case, JP Morgan has maintained its 'overweight' rating on the stock. 

It also increased its price target from $45 to $48 after reviewing the result. 

Given that shares closed at $42.88 on Friday, this suggests a 12% upside over the next 12 months.

Foolish Takeaway

Despite reaching a new all-time high, JP Morgan has rated Resmed a buy after reviewing its latest results. 

Retail investors are often drawn to 'buy in the dip' opportunities. However, high-quality growth companies can continue growing at market-beating rates over a long period of time. JP Morgan believes Resmed shares fit that category.

The post What does JP Morgan think Resmed shares are worth after reviewing its FY25 result? appeared first on The Motley Fool Australia.

Supermarkets are considered defensive businesses that perform relatively well during market volatility. 

Due to the essential nature of their products, they can produce a reliable cash flow. 

Australia's two major supermarkets, Coles and Woolworths, are considered safe havens during a downturn. When the market looks expensive, many investors may reposition their portfolios to include more defensive stocks to mitigate downside risk. 

The S&P/ASX 200 Index (ASX: XJO) is currently trading at a price-to-earnings (PE) multiple of around 20. According to Commsec, this is significantly above its long-term average of 15. Accordingly, there may be heightened interest in these two companies. 

Coles has outperformed Woolworths by a wide margin over the past year. It has risen 17% compared to Woolworths' 10% decline. 

But what do future returns look like? 

One leading expert recently revised its rating for both companies. Let's see what they had to say.

JP Morgan upgrades major supermarkets

In a 16 July research note, JP Morgan Chase & Co (NYSE: JPM) upgraded both Coles and Woolworths shares from underweight to neutral. The broker said both companies were fairly valued at today's share prices.

In that research note, JP Morgan compared like-for-like sales growth with minimum wage growth. The broker noted that the former was lagging the latter.

According to JP Morgan, the supermarkets were delivering sales growth of ~1%, which is less than half pre-COVID levels of around 2-2.5%. This was attributed to the composition of sales growth shifting towards online, which has cannibalised bricks and mortar stores.

Costco and Aldi recently made a play to capture online market share. However, JP Morgan does not consider this a material threat, commenting:

The online channel has been seen as a source of incremental market share, given the narrow competitor set and even more pronounced scale advantages for Woolworths and Coles. We do not see these advantages eroding, despite online aggregators pushing into this category, as DoorDash partners with Aldi and Costco.

More notably, there has been around 4% wage growth inflation, and the Fair Work Commission is attempting to restore real wages (above the inflation rate) in the coming years. The broker suggested this could add more pressure.

The broker also suggested that the supermarket giants would "likely pull the gross margin levers once again" to offset these headwinds but questioned the sustainability of this strategy.

JP Morgan has placed a price target of $31 on Woolworths shares and $20 on Coles shares.

The broker's price target for Coles implies a 1-year forward P/E multiple of 19.7x, representing a 7% discount on Woolworths shares.

On Friday, Woolworths shares closed at $31.51, while Coles shares closed at $20.59. This suggests that Woolworths shares could decline 2% while Coles shares could fall 3%. 

Therefore, JP Morgan believes Woolworths shares will perform better than Coles from here over the next 12 months, but only by a fraction.

Earnings season preview

Those looking to invest in either Coles or Woolworths should pay close attention to their upcoming earnings results. Any material changes from market expectations or surprises could impact their share prices.

Coles is scheduled to report its FY25 results on 26 August. 

JP Morgan expects group EBIT of $2,068m and NPAT of $1,089m, which is broadly in line with Bloomberg consensus. The broker will be focused on the FY26 outlook, where its current forecast is 3.8% below consensus earnings before interest and tax (EBIT) and earnings per share (EPS). 

Woolworths will report the following day, on 27 August. 

JP Morgan expects group EBIT of $2,791m and NPAT of $1,383m, which also falls roughly in line with Bloomberg consensus. Once again, the broker will be paying attention to the FY26 outlook. JP Morgan's forecast is 4.0% below consensus on FY26 EBIT and 5.5% below consensus on FY26 EPS. 

The post JP Morgan upgrades both Coles and Woolworths shares. But which is preferred? appeared first on The Motley Fool Australia.

The ASX 200 radiopharmaceutical company has soared a staggering 1,667% over that timeframe.

Over the past year, shares are up 21%. 

Early and recent investors in Telix Pharmaceuticals have been well rewarded for backing the company. 

But, what's the outlook for the stock today? Is it fully valued?

Let's see what one expert had to say.

JP Morgan initiates coverage

For those not familiar with the stock, Telix Pharmaceuticals is a pure-play radiotheranostics oncology-focused company with both diagnostics and therapeutics. It targets cancers of the prostate, kidney, and brain. It has risen to prominence in recent years, and now has a market capitalisation of around $8 billion. 

The company has been growing at a rapid rate.

Telix's prostate cancer imaging agent, Illuccix, has experienced rapid growth since its launch in 2021. In its most recent quarter, Telix generated US$151 million in Illuccix revenue, marking a 35% increase year-on-year. Illuccix currently accounts for around 25% of the US market.

At its most recent investor day in June, management outlined a strategy that it believes can expand its total addressable market (TAM) to over US$6.7 billion.

Yesterday, JP Morgan Chase & Co (NYSE: JPM) initiated coverage of Telix Pharmaceuticals, with an outperform rating. 

The broker described Telix as "uniquely positioned as a vertically integrated radiopharmaceutical company, boasting positive cash flow and an ambitious management team that has built a leading radiopharmaceutical enterprise". 

JP Morgan has placed a price target of $31 on the stock. Given that shares are changing hands at $24.03 at the time of writing, this suggests 30% upside from here. 

JP Morgan cited the addition of two new imaging agents (Gozellix and Zircaix), with a third expected in 2026, as significant growth drivers. 

The broker also said:

A significant portion of Telix's valuation appeal lies in its late-stage therapeutic pipeline, which, if successful, will address a substantial unmet need and complement the company's established diagnostics offerings. Enhancing its attractiveness is Telix's market-leading radioisotope manufacturing and supply chain.

 These treatments have the potential to become the first radiotherapies available for kidney and brain cancer, and would complement the diagnostic portfolio, enhancing the commercial opportunity. 

What are other experts saying?

Earlier this month, The Motley Fool's James Mickleboro shared the view of another expert who is even more optimistic about Telix's future. 

On 11 July, Bell Potter affirmed its $34 price target on the radiopharmaceuticals company's shares.

In that research note, the broker noted that FDA approval for its Zircaix product in the US market would give it a first-mover advantage.

Bell Potter said the company was close to learning the outcome of that decision:

The approval of the Biological Licence Application for Zircaix is now looming with a PDUFA date of 27 August. If approved, Zircaix will become the first radiopharmaceutical imaging agent to receive a label for the imaging of any renal mass.

Foolish Takeaway

Despite Telix's meteoric rise, two experts continue to see significant upside potential for the radiopharmaceutical stock. This serves as a reminder to investors about the duration of growth that is possible for the most promising ASX companies. 

A stock doesn't always have to be materially down from its peak to be attractively valued. Rather, the best growth companies can continue rising at a rapid rate for years, or even decades. For those interested in Telix Pharmaceuticals shares, it's not too late to invest, according to at least two leading experts.

The post JP Morgan initiates coverage of Telix Pharmaceuticals. After rising 1,667% in 5 years, is it still a buy? appeared first on The Motley Fool Australia.

American companies are required to report their latest earnings every three months. That stands in stark contrast to the ASX. Here, six-month reporting periods are the norm.

Thanks to this quarterly schedule, there is always more news and more numbers to digest. There are also more share price swings and roundabouts on the US markets than there tend to be here in Australia.

It's quite an exciting period to be sure. Yes, it's always interesting to see how the likes of Commonwealth Bank of Australia (ASX: CBA), Telstra Group Ltd (ASX: TLS), or Woolworths Group Ltd (ASX: WOW) are faring. But I personally find it far more fascinating to take a look under the hood of companies like Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL), Tesla Inc (NASDAQ: TSLA), Coca-Cola Co (NYSE: KO), and Netflix Inc (NASDAQ: NFLX).

As it happens, those four companies are set to reveal their updated books over the next fortnight.

Of those four stocks, Netflix is the first, with earnings set to be unveiled on Thursday, July 17, this week.

Coca-Cola's numbers are due out on Tuesday, 22 July.

Alphabet and Tesla will report the next day.

I'm excited to take a look at all four of these names. As a Coke shareholder, I'm interested to see how this holding has fared over the three months to 30 June.

Ditto with Alphabet. Much has been made of the supposed threats facing this company, given its primary breadwinner – Google Search – is facing competition from AI platforms like ChatGPT.

Some other US stocks I'll be watching this earnings season

But I'll also be watching companies that can be viewed as barometers of the US economy. For example, major American bank stock JP Morgan Chase & Co (NYSE: JPM) is due to report its earnings on Tuesday, 15 July.

Those might just give us an invaluable insight into the health of the US economy. This is arguably crucial at this juncture, as the effects of the Trump Administration's economic policies (tariffs and the like) are still uncertain.

Other 'bread-and-butter' companies might also be useful in this endeavour. That's why I'll also be keeping an eye on Johnson & Johnson (NYSE: JNJ), Procter & Gamble Inc (NYSE: PG), Visa Inc (NYSE: V), and Starbucks Corp (NASDAQ: SBUX).

Say these companies begin discussing dropping consumer sentiment or rising costs, thanks to the effects of the new tariffs. This could be something of a canary in the coal mine for the American economy, and it could have ASX implications.

So, over the next few weeks, I'll be keeping a weather eye on the American horizon as some of the world's biggest and most influential stocks reveal their latest numbers. It should make for some interesting reading.

The post US earnings kicks off this week: What I'm watching appeared first on The Motley Fool Australia.

Guzman y Gomez is a Mexican-themed casual fast-food restaurant. It currently has over 250 restaurants across 4 countries. The majority (225) of its stores are currently located in Australia. Management has set the ambitious goal of reaching 1,000 restaurants in Australia.

Approximately a year ago, Guzman y Gomez made its debut on the ASX. 

In the months that followed, its share price rocketed. By December 2024, it had already gained nearly 50%, strongly rewarding its early shareholders. 

However, 2025 has been less successful for investors. Guzman Y Gomez shares are down nearly 30% for the year to date. 

Investors may be wondering whether the fast food retailer has further to fall or if it is a buying opportunity.

JP Morgan initiates coverage on Guzman y Gomez shares

On 7 July, JP Morgan initiated coverage of Guzman Y Gomez shares. This marks the first time the broker has analysed the company's history, considered its future prospects, and provided a valuation of the stock. 

JP Morgan has placed an underperform rating on the stock and set a price target of $24.00. 

Guzman y Gomez shares are currently changing hands for $28.46. This suggests they will decline over the next 12 months. 

The broker cited management's ambitious 1,000-store goal (and how long it might take to achieve it) when issuing this target:

GYG is in a sweet spot of its growth phase, with a well-established Australian store network of ~225 stores, having proven its store economics within a competitive QSR industry, yet with an accelerating pace of store openings ahead. The broad appeal of the GYG brand and ability to generate superior sales per store gives us confidence they can execute on a ~30-40 p.a. store roll-out pace over the next 5-10 years, but 1,000 stores is optimistic.

JP Morgan believes the company can achieve around 800 stores by FY40, given the population density across each Australian region. 

The broker suggested the suburbs of capital sites would be the key driver of growth. It specifically named Sydney, Melbourne, Brisbane, and Perth as primary targets. Meanwhile, JP Morgan considers rural areas far less attractive due to the logistical challenges of expanding into areas without stores in nearby locations.

What are other experts saying?

Morgan Stanley appears to be more optimistic than JP Morgan. Last week, The Motley Fool's James Mickleboro revealed that the broker had retained its overweight rating and $41.90 price target on Guzman Y Gomez shares. Morgan Stanley is forecasting sales to grow at a compound annual growth rate of 20% per annum through to FY30, driven by store network expansion and market share gains.

The post JP Morgan initiates coverage of Guzman Y Gomez shares. What's its price target? appeared first on The Motley Fool Australia.

That's significantly ahead of the S&P/ASX All Ordinaries Index (ASX: XAO), which has risen 4% over the same period. 

The past five years have been a home run for Aussie Broadband investors, with the company's shares up 106%.

But what does the future hold for investors?

Earlier in the week, I reported that broker Macquarie Group Ltd (ASX: MQG) had initiated coverage of Aussie Broadband. 

The broker is very optimistic about the ASX All Ords telecommunications company, assigning it an outperform rating and price target of $5.05. That's around 30% upside from here.

Macquarie also initiated coverage of competitor Superloop Ltd (ASX: SLC). After reviewing its most recent trading update, the broker revised its price target for Superloop shares to $3.25. 

For valuation reasons, Macquarie continues to prefer Aussie Broadband over Superloop:

Whilst we prefer [Superloop's] product offering and business model to ABB, SLC is more expensive (share price +32% YTD, trading on 12.7x EV/EBITDA vs ABB's 6.6x).

Even after strong share-price performance (+19% YTD), ABB is inexpensive in the context of forecasted EPS growth (FY25-28E: +36% p.a.), with ABB having grown EPS by +36% p.a.

What does JP Morgan think?

While Macquarie is very bullish on Aussie Broadband shares, it pays to compare other experts' views. 

In February, broker JP Morgan Chase & Co (NYSE: JPM) reviewed Aussie Broadband's half-year results and assigned the company a neutral rating and price target of $3.80. 

When issuing this price target, JP Morgan said:

The company has grown its subscriber base strongly in recent periods, in part driven by increased market churn.

We still see a competitive advantage in comparison to the incumbents and expect Aussie Broadband to increase its market share. However, the NBN rollout is now complete and NBN greenfield subscriber growth is slow, impacting Aussie's growth. Competitors may also price aggressively in the market to unprofitably gain share. 

JP Morgan has not revised its rating since then.

Evidently, Macquarie is far more optimistic on the stock than JP Morgan.

However, it's worth noting that JP Morgan acknowledged two factors that could generate further upside for Aussie Broadband:

The key upside risks include: (1) Aussie is able to take a greater market share in the Enterprise segment than we are forecasting; and (2) Aussie consolidates the NBN reseller industry at accretive prices.

Other experts

In March, The Motley Fool's Tristan Harrison revealed UBS' price target on Aussie Broadband shares. 

After reviewing Aussie Broadband's half-year results, the broker upgraded its price target to $4.80. 

Macquarie appears to be the most optimistic of the three brokers.

The post What does JP Morgan think Aussie Broadband shares are worth? appeared first on The Motley Fool Australia.

While the recent market rally has sent many ASX 200 stocks back toward their all-time highs, CSL remains materially behind. 

The ASX 200 healthcare stock is often promoted as one of the highest quality companies on the ASX. In 2019, CSL rose around 50%. 

However, shareholder returns have not reflected this profile in recent years. 

Over the past 5 years, the share price has fallen 19%. For the year to date, it is down 15%, significantly underperforming the S&P/ASX 200 Index (ASX: XJO) which is up 4%.

Slower earnings per share (EPS) growth and rising debt as a result of the Vifor acquisition has driven underperformance.

Given these challenges, shareholders may be wondering whether the stock is undervalued or will continue to underperform.

JP Morgan predicts significant upside

Let's see what leading broker JP Morgan & Chase Co (NYSE: JPM) had to say. 

After reviewing its most recent half-year result in February, the broker affirmed its overweight rating on the stock. 

JP Morgan also reiterated its price target of $315. At the time of writing, CSL shares are changing hands for $240, suggesting 31% upside from here.

In the 12 February research note, the broker wrote:

We are increasingly confident in the strength of the Behring business, led by strong Ig sales (likely to have gained market share) and efforts to lower cost per liter, which have led to a solid lift in gross margins.

JP Morgan cited Seqirus as the key disappointment:

Seqirus reported a surprising loss in market share, with sales down 9%. With the backdrop of low vaccination rates and the loss of a key contract for the high-margin Fluad vaccine, Fluad sales fell 17%, while cell-based Flucelvax was down 12% in cFX. The 18-65 age group saw the largest drop in vaccinations, with a reported 50mn fewer patients being vaccinated this season than in 2020/21. Management guided to a low-single-digit drop in Seqirus revenues, as avian flu contracts support a stronger 2H.

What are other fund managers saying?

In its May update, fund manager Wilson Asset Management listed CSL as one its top 5 overweight stocks in its WAM Leaders (ASX: WLE) listed investment company.

WAM Leaders applied active management to identify large-cap Australian companies listed within the ASX 200 Index with compelling valuations. 

The fund will be 'overweight' in stocks that it considers undervalued, and 'underweight' in stocks it considers overvalued.

Bell Potter has also retained a buy rating on CSL shares with a price target of $305.

Foolish Takeaway

It's been a tough ride for CSL investors over the past 5 years, with CSL shares materially underperforming the index. However, experts are suggesting CSL shares are currently undervalued. This suggests existing shareholders should hold on. Investors looking for opportunities in the current market (which sits just below its all time high) might want to take a closer look at CSL.

The post What's JP Morgan's price target on CSL shares? appeared first on The Motley Fool Australia.

At the time of writing, Commonwealth Bank is changing hands for $186.01. 

The popular ASX 200 banking stock is up 21% this year, defying analyst forecasts of being overvalued. 

Earlier this year CBA became the first ASX stock to reach a market capitalisation of $300 billion, and now comprises around 12% of the S&P/ASX 200 Index (ASX: XJO).

A preference for the banking sector

It's no secret that Australian investors love banking stocks. The big four banks are a staple investment in many investors' portfolios. 

Recently, the big four banks have rallied strongly, stretching their valuations.

The majority of brokers and active fund managers have placed either neutral or underperform ratings on all four banks. 

In an 18 June research note, Macquarie affirmed its price target of $27.50 on ANZ Group Holdings Ltd (ASX: ANZ) and a neutral rating. National Australia Bank Ltd (ASX: NAB) was also given a neutral rating, alongside a price target of $35. In the case of Westpac Banking Corp (ASX: WBC), Macquarie expects the bank to underperform and has placed a price target of $27.50 on the stock. Macquarie is the most negative on CBA shares, with an underperform rating and price target of $105. 

In an earlier research note, Macquarie also forecast dividend cuts to be on the horizon for every big four bank except CBA. 

The broker wrote:

While banks can continue to muddle through and kick the can down the road for a little longer as they consume their remaining surplus capital, we believe they will ultimately need to cut their dividends. We forecast dividend cuts for ANZ, NAB, and WBC.

With a strong preference for reliable passive income, this has tipped CBA shares as the favourite ASX banking stock in many investors' eyes, despite its lofty valuation. 

Home bias

By sticking with ASX banking stocks despite their sky-high valuations, Australian investors show a high level of 'home bias'. 

Home bias describes the tendency for investors to invest in companies in their local market, despite the diversification benefits of investing internationally. Understandably, investors prefer companies they are most familiar with (and use in their everyday lives). However, in the case of the ASX 200 banking sector, this bias could come at a huge cost.

Time to consider JP Morgan?

To mitigate potentially poor forward returns, it may be time for Australian investors to consider international alternatives. 

One banking stock that comes to mind is US-listed JP Morgan Chase & Co (NYSE: JPM). 

JP Morgan is widely considered to be the highest-quality banking stock in the world. CBA trades at more than double the price-to-earnings multiple of JP Morgan (33 compared to 14) while having a lower return on equity (13% vs. 17%). 

Their dividend yields are also comparable, with CBA currently offering a yield of 2.5% compared to 2.0% for JP Morgan.

However, the disadvantages of investing in international banking shares should be acknowledged. These include the lack of franking credits and currency risk, which may deter some investors.

The post Should I buy JP Morgan or CBA shares? appeared first on The Motley Fool Australia.

Over the past 5 years, the stock has risen an impressive 170%. For the year to date, Qantas shares are up 13%. 

Any way you look at it, Qantas Airways Ltd (ASX: QAN) investors have done very well for themselves over both the short and long term.

Can they keep rising?

As many ASX investors have learnt the hard way, past performance doesn't guarantee future performance. 

Let's take a look at what leading broker JP Morgan (NYSE: JPM) thinks Qantas shares are worth, and whether there's any further upside from here. 

On February 27, JP Morgan revised its price target for Qantas shares after reviewing the ASX 200 travel stock's half-year result. 

The broker upgraded its price target from $8.50 to $9.39. 

In that research note, JP Morgan said:

Our investment view on the stock is bolstered by today's result – with the company reiterating a robust outlook for travel demand, with strong leisure travel (reflected in Jetstar's earnings) as well as improving trends in corporate/SME travel.

Notably, Jet Star earnings were up 35% year-over-year. This was higher than consensus estimates. 

The broker also described the outlook for RASK as positive, with growth expected in domestic unit revenue as international yields are expected to stabilise. For reference, Revenue per Available Seat Kilometer (RASK) is a key performance indicator (KPI) used in the airline industry to measure revenue generation efficiency.

At the time of JP Morgan's research note, Qantas shares were changing hands for $9.39. JP Morgan placed an 'outperform' rating on the stock and described the business as 'well positioned'.

The following four factors were cited when issuing this rating:

1) [Qantas] has taken material costs out of its business; 2) its high proportion of earnings from domestic and loyalty at ~70-75% of earnings; 3) its strong relative balance sheet positioning; and 4) its more favourable competitive position – both domestically and internationally.

What has happened since then?

While JP Morgan has not revised its price target since February, there have been key business developments. 

In June, Qantas announced the imminent closure of its Jetstar Asia (JSA) business. 

As The Motley Fool's James Mickleboro reported, fellow broker Macquarie Group Ltd (ASX: MQG) supported the move, believing it would boost the company's earnings in FY27. 

In an 11 June research note, Macquarie reaffirmed its neutral rating on the company's shares with an improved price target of $10.10. 

The broker also forecasted fully franked dividend yields of approximately 5% for the next three years. This may appeal to those seeking passive income.

However, with Qantas shares closing last Friday at $10.27, this suggests that both JP Morgan and Macquarie believe Qantas shares are fully valued. 

Those looking to initiate a position in Qantas shares should wait for a more attractive valuation.

The post Up nearly 70% in a year, does JP Morgan think Qantas shares can go higher? appeared first on The Motley Fool Australia.

Since its founding in 1974 and listing on the ASX in 2003, JB Hi-Fi has successfully navigated several economic cycles. It is Australia's leading electronics retailer and one of the highest-quality businesses on the ASX. 

The company is highly profitable and has several competitive advantages. These include strong branding, an extensive product range, a reputation for low prices, superior customer service, and scale advantages due to its wide store presence.

JB Hi-Fi has performed incredibly well over the past 5 years, rising 174%. 

For the year to date, the ASX 200 consumer discretionary stock has already risen 16%, materially outperforming the S&P/ASX 200 Index (ASX: XJO), which is up just 4%. 

Those who invested $10,000 into the business at the start of the year have already turned their investment into approximately $11,600 (excluding dividends).

Can JB Hi-Fi shares charge higher?

Let's see what leading broker JP Morgan (NYSE: JPM) had to say. 

In May, the broker boosted its price target for JB Hi-Fi shares from $91 to $93. 

However, at the time, JB Hi-Fi shares were changing hands for $103.45. Therefore, the stock was downgraded from overweight to neutral. The broker said further share price increases would be limited by the multiple expansion to date. 

Since then, the stock has continued to rise, and today, it sits at $109.56. While the broker hasn't changed its rating since then, it's unlikely they see compelling value at this price.

What drove the downgrade?

JP Morgan issued this ratings change after reviewing the company's third-quarter sales update.

The broker said:

JB Hi-Fi's 3Q25 sales update highlighted a deceleration in recent months, as it cycles a higher baseline from prior years. The absolute level of growth remains robust but is on a normalisation path. A number of catalysts are likely to support earnings and an elevated multiple over the next 12 months, however these are well understood and appear largely priced in.

JP Morgan also noted that the company has benefited from several catalysts, which have played out.

These include:

1) AI product cycle driving ASP in tech; 2) three more RBA cash rate cuts in 2025; 3) supportive fiscal policy and housing stimulus post-election; 4) potential tariff tailwinds for rebate levels from suppliers to fund discounts; and 5) a net cash balance sheet which supports a series of special dividends, including $2 forecast for 2H25.

Foolish Takeaway

JB Hi-Fi has been an Australian success story and a lucrative investment for shareholders. However, given its strong run, its valuation is now stretched to a point that limits forward returns. JP Morgan has placed a price target of $93 on the stock, which sits well below its current price of $109.56. This suggests investors looking to initiate a position in JB Hi-Fi shares should hold off.

The post Does JP Morgan think JB Hi-Fi shares can keep rising? appeared first on The Motley Fool Australia.

Domino's has faced challenges in recent years, including cost pressures and weaker consumer sentiment in key markets. 

Over the past 5 years, Domino's shares have fallen 70%, significantly trailing the S&P/ASX All Ordinaries Index (ASX: XAO), which has risen 45%. 

Does JP Morgan expect things to turn around?

Broker upgrade

In a 13 June research note, JP Morgan upgraded Domino's Pizza shares from underweight to neutral. 

When issuing this ratings change, the broker noted:

We remain cautious on the outlook, but believe the discount built into the multiple for future consensus earnings downgrades now provides a large margin of safety. Earnings visibility remains low, however we see the balance of earnings risks to the downside as JPMe FY26 and FY27 EPS forecasts stand ~10% below consensus.

The broker also noted that Domino's has seen unprecedented turnover across its business. Notably, the CEO, CFO, Europe CEO, ANZ CEO, and Japan CEO have all left within the past 7 months, creating heightened uncertainty. 

JP Morgan estimated that Domino's Pizza shares are trading at 14.7 times FY26's earnings. This is a substantial discount to its mature peers, which trade at around 18 times earnings. 

On the company's outlook, the broker said:

The recovery in earnings is dependent on a large step-up in volumes, which is uncertain in a challenging consumer environment with inflation and cost-of-living pressures, particularly in Europe with DMP closing stores across said geographies and delaying medium- to long-term store rollout targets. 

Why is the share price down so much this month?

Over the past month, Domino's Pizza shares are down 18%. The broker flagged tax loss selling is a likely contributor to share price weakness. Many investors with substantial capital losses sell their holdings before the end of the financial year to offset realised capital gains elsewhere. 

Since Liberation Day, several S&P/ASX 200 Index (ASX: XJO) stocks have surged. For example, since 7 April, Lovisa Holdings Ltd (ASX: LOV) is up 55%, while Pro Medicus Ltd (ASX: PME) is up 54%. Those looking to realise these profits (who also own Domino's shares) might look to offset their gains with their losses.

What's JP Morgan's price target?

The broker also revised its price target on Domino's Pizza shares. JP Morgan's 12-month price target was revised from $29.50 (in February) to $20.33. 

It's been a tough year for the company, with its share price falling 30% for the year to date. At the time of writing, Domino's Pizza shares are changing hands for $20.59. Therefore, according to JP Morgan, the share price will remain relatively flat from here for the next 12 months.

The post JP Morgan upgrades Domino's Pizza shares appeared first on The Motley Fool Australia.