In a note published on Monday, Wells Fargo raised JPMorgan (NYSE:JPM) to Overweight from Equal-Weight and increased its price objective for the stock to $155 from $148 per share, declaring that “Goliath is Winning.”

According to Wells Fargo analysts, with the help of its “fortress balance sheet,” JPM has survived economic downturns. Being the biggest US bank, it “epitomizes the bank industry de-risking that has taken place since the GFC in terms of leverage (nearly 1/3 as much), liquidity (approx. 50%+ greater), and losses (structurally lower).”

According to the analysts, recent developments in the industry could strengthen JPMorgan’s capacity to attract core investment and serve as a source of support.

“JPM has gained significant market share in each of its business lines (about 10% share on average), and has historically outperformed in situations like these when other financial businesses have problems,” they continued.

“This is made easier by its multi-channel, multi-product, and multi-geographic approach; in other words, diversity is also advantageous to the offense. We are gradually more optimistic about JPM’s prognosis for short-term deposits and its goal for NII growth in 2023.”