JPMorgan dips after Oppenheimer downgrades stock to 'perform'
** Shares of biggest U.S. lender JPMorgan ChaseJPM.N fall as much as 1.8%; last down 1.3% at $239.86, underperforming peers
** Oppenheimer downgrades JPM to "perform" from "outperform," stating that the stock has reached its target
** Brokerage notes that while most of the industry should see a steady rise in net interest income, JPM has forecastlower NII and that is what the consensus expects
** NII is the difference between what banks earn on loans and pay out for deposits
** Oppenheimer says it is hard to imagine the stock outperforming, especially from the current levels, when its mainrevenue line is declining whileothers rise
** Wells Fargo WFC.N and Bank of America BAC.N shares dip 0.3% and 0.7%, respectively, while Goldman Sachs GS.N, Morgan Stanley MS.N and Citigroup C.N are flat
** Fourteen of 24 brokerages rate the stock "buy" or higher, nine "hold" and one "strong sell"; median PT is $237 - LSEG data
** As of last close, JPM shares up 42.9% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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