JPMorgan Chase & Co (JPM) dropped more than 3% after releasing its fourth-quarter results, but Goldman Sachs analyst Richard Ramsden isn't losing sleep over it. He's sticking with his Buy rating and $386 price target.

Here's what happened: The headline earnings number of $4.63 per share missed consensus estimates of $5.02 per share. But dig deeper and the picture looks better. Core earnings came in at $5.25 per share, nearly matching the $5.22 per share analysts expected.

The real story is how JPMorgan got there. Revenue came in lighter than hoped, but the bank made up ground through better expense management. Meanwhile, loan growth looked solid, jumping 4% sequentially, which helped prop up the bank's net interest income outlook.

Speaking of NII, management reaffirmed their 2026 guidance of roughly $95 billion excluding markets, with total NII projected around $103 billion. That compares favorably to Goldman Sachs' estimate and Street consensus of $101 billion—about 2% ahead of expectations.

Shares traded down 3.33% to $313.68 following the report, but Ramsden seems confident the underlying fundamentals justify his bullish stance.