In a report published Wednesday, Citigroup analyst Keith Horowitz wrote that JPMorgan Chase & Co. (NYSE: JPM) is an "impressive story" and "cheap stock."

Commenting after JP Morgan's Analyst Day, Horowitz noted that JP Morgan's discounted valuation represents among the "most attractive" opportunities under coverage. The analyst added that the company made a "strong argument" on superior execution with market share gains across all of its key businesses.

Horowitz also noted that JP Morgan provided "exhaustive" details on how they measure the business with superior analytics, which has produced "superior" results that have been overshadowed by litigation and other legacy costs.

"After spending the day going a deep dive into their business, we came away with the impression that JPMorgan's performance is on par if not better than Wells Fargo and U.S. Bancorp which are clearly viewed the best in class," Horowitz wrote.

Bottom line, Horowitz argued that shares of Wells Fargo and USB are priced at a premium, while shares of JP Morgan are priced at a discount and that shares represent a "valuation story that's tough to time, but we think the stock is attractive."

Shares remain Buy rated with a price target raised to $72 from a previous $68.

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