$JPM

Consensus EPS estimates and target prices have not yet been updated, which creates further downside to expectations we already considered too high at the start of the year.

Consensus estimates for SMid-Caps EPS growth have either marginally decreased or even increased since the start of the conflict.

The latter stems from the fact that as full-year results are released, 2025 EPS estimates continue to be lowered while 2026 EPS estimates remain unchanged, meaning 2026 EPS growth is consequently reinforced.

Similarly, target prices have remained unchanged, meaning that since stocks have fallen, the upside now appears stronger.