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We raise our 12-month target by $15 to $175 using a forward P/E of 10.8x our 2023 earnings estimate, below the three-year historic average at 12.3x. We think JPM is executing across most businesses despite headwinds in investment banking. We increase our 2023 EPS estimate by $2.75 to $16.25 and 2024's by $1.85 to $15.55. Loan growth can benefit both net interest income (NII) and non-interest income in 2023-2024, assuming economic growth. NII rose 44% Y/Y, with a rise in interest rate spread to 1.97% vs. 1.68% and total loans +19%, while deposit-related fees were -3%. Consumer net revenue was +37%, with banking/wealth management +68%, home lending +1%, and card services and auto +5%. Commercial banking revenue was +48%, with middle markets +64%, gaining market share, and corporate client banking +33%. Investment banking fees realized M&A advisory -12%, equity underwriting +12%, and debt underwriting -22%. Fixed income trading was +3% Y/Y, equity markets -20%, and security services +6%. ROE was 20% vs. 13%.