JPMorgan Chase falls after HSBC downgrades stock

Biggest U.S. lender JPMorgan Chase's JPM.N shares fall 1.8% to $286.73 after HSBC downgrades stock rating to "reduce" from "hold"

Brokerage is now more cautious on U.S. big banks after strong rally, says downside risks tied with economic uncertainty are not priced in

Says greater-than-expected Fed rate cuts could also negatively impact JPM, which has more exposure to U.S. short-end rates

HSBC says upside to JPM's share price from current levels over a multi-year period would seem to require a paradigm shift on how banks are valued

Forecast earnings growth in 2025 and 2026 for JPM are lower than those of peers, HSBC says

Citigroup C.N is now HSBC's sole "buy" rating among U.S. big banks

14 of 26 brokerages rate JPM "buy" or higher, 10 "hold" and 2 "sell" or lower; median PT $295 - data compiled by LSEG

As of last close, JPM stock up 21.8% YTD