Goldman Sachs lowered its target price for JPMorgan Chase ( JPM ) from $398 to $392, and maintained a buy rating after the company's third-quarter earnings fell short of expectations.

In a research report to investors, Goldman Sachs stated that the company's guidance for 2027 implies an upside potential of $4 billion in pre-tax, pre-provision net income, analysts told investors.

Goldman Sachs added that JPMorgan Chase reiterated its focus on organic balance sheet growth and noted that the company was able to deploy capital with attractive returns, which was also a major reason for the reduction in share repurchases this quarter. Management also emphasized the strong deposit trend, particularly its retail deposits, which performed better than expected, and wholesale deposit growth was also stronger than anticipated, partly due to the strong performance of its data center financing business.

This article was originally published on TheFly — a real-time source for market-influencing financial news.