TD Cowen raised its price target on JPMorgan Chase (NYSE:JPM) to $375 from $370 while maintaining a Buy rating, citing strengthening competitive advantages within the firm's Commercial and Investment Bank.

The analyst said recent discussions with Troy Rohrbaugh, co-CEO of JPMorgan's Commercial & Investment Bank, reinforced confidence that the business was executing a playbook designed to drive market share gains while continuing to invest strategically. TD Cowen said these efforts were deepening the firm's competitive moat, particularly through its scaled operating platform, Kinexys, which it described as one of the most valuable strategic assets in the industry.

TD Cowen reiterated JPMorgan as its top pick among money-center banks, noting that recent selling pressure following an expense update had created an attractive buying opportunity. With shares trading at approximately 14.2 times projected 2027 earnings, the firm said JPMorgan appeared undervalued relative to its leadership position and role in driving innovation across financial services.

The Buy rating was reaffirmed based on the company's durable franchise, strategic investments, and long-term earnings power.