Wells says JPMorgan could become first $1 trillion dollar bank

Wells Fargo believes JPMorgan’s (JPM) investor day next Monday will show that “Goliath is Winning.” JPMorgan could become the first trillion dollar market capitalization bank if it continues with its leading returns, efficiency, and market share gains over three years, the analyst tells investors in a research note. Wells believes a “good case” scenario could get JPMorgan to a $1 trillion market cap in three years, with effective deployment of record excess capital. It estimates the bank will have $200B of excess capital over three years before buybacks, depending on earnings and deregulation. Wells has an Overweight rating on JPMorgan with a $300 price target The stock in late morning trading is up 3%, or $6.94, to $259.90.