Deutsche Bank analyst Matt O'Connor downgraded JPMorgan (JPM) to Hold as he seeks to lessen exposure to traditional banks.

The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes further meaningful outperformance of JPMorgan shares will be harder amid increased competition within investment banking and trading as well as slowing loan growth.

The analyst raised his price target for the shares to $96 from $90. The bank closed yesterday down 71c to $94.12.