According to Citi, investors should consider buying shares of JPMorgan Chase ahead of a major earnings week for banks because they are at an attractive entry point. Analyst Keith Horowitz upgraded JPMorgan shares from neutral to buy on Tuesday, citing solid fundamentals that should appeal to investors, as well as the recent pullback in the stock. Shares are down 28% this year. Horowitz wrote, “We are upgrading JPM to buy because we believe investors will see first-hand high quality franchises with strong management teams and a good balance sheet, and we believe JPM will be able to make a difference in this statement.” Fits on.” “Given the return of YTD to the stock, we believe the market is no longer showing a premium valuation and we view this as an attractive entry point.” Citi lowered the price target by about 7% from $145 to $135. The new price target represents about 20% above Monday’s closing price. JPMorgan is set to kick off corporate earnings season for bank stocks on Thursday, when rising recession concerns have left investors unsure about owning bank shares. A recession could mean more loan losses for banks. Still, the Citi analyst said higher interest rates, which benefited banks, as well as recent stress tests showing that banks could face a recession, could allay those concerns. “We do not see capital issues in this cycle, given the benefits of lower credit creation and higher rates in this potential downturn,” Horowitz wrote. “We don’t see a near-term catalyst, but believe there will be a rapid revaluation of stocks once the market relaxes that there is less balance sheet risk than fears.” —CNBC’s Michael Bloom contributed to this report.