Reliance Industries stock has underperformed YTD compared to its peers across various segments. However, a 12-month risk-reward outlook for the stock is favourable, according to JPMorgan. The bank has retained an "overweight" rating on the stock with a price target of INR 2,960 ($39.5), representing a nearly 19% upside from current levels. JPMorgan believes that the stock's underperformance has been impacted by news flows and selling by foreign institutional investors, and not for any fundamental reasons. The bank also expects strong earnings for RIL in FY24, driven by the refining and petrochemical segments.