JPMorgan Chase & Co. (NYSE:JPM) reported its Q1 results, with EPS of $2.63 coming in below the Street estimate of $2.72. Adjusted revenue declined 4.6% year-over-year to $31.59 billion, compared to the Street estimate of $31.44 billion.

The EPS miss was due to a higher-than-expected loan loss provision and elevated expenses, partially offset by higher net interest income. More importantly, the company’s CET1 ratio fell to 11.9% from 13.1% in Q4 due to unexpected high levels of negative AOCI, other counterparty credit risk and market risk; and though JPM announced a $30 billion stock buyback authorization, its buyback activity will likely be limited in 2022.

Though most of its core businesses reported decent results, analysts at RBC Capital expect the capital ratio concerns to weigh on its stock price. Their price target was lowered to $155 from $175, while Outperform rating was maintained.