JPMorgan Analysts Tout Russian Company Debt ‘Recovery Play’

Strategists at JPMorgan Chase & Co are recommending clients boost positions in some Russia-linked corporate debt, even as the U.S. and allies tighten sanctions to restrict investments in some of the country’s assets.

Strategists in the bank’s research team led by Zafar Nazim upgraded debt of Russian companies including oil and gas giant Lukoil PJSC and steel producers Novolipetsk Steel and Magnitogorsk Iron & Steel Works to overweight in a note sent to clients on Friday.

The recommendations demonstrate how Wall Street continues to capitalize on a buying opportunity arising from Russia’s invasion of Ukraine. Sanctions on Russia haven’t outright ...