Barclays Q2 Preview on JPMorgan Chase (JPM): Release to Mitigate IB

July 9, 2010 2:10 PM EDT
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Barclays Q2 Preview on JPMorgan Chase (NYSE: JPM): Release to Mitigate IB

Barclays analyst, Jason M. Goldberg, now sees JPM reporting Q2 EPS of $0.72 vs. his prior view of $0.80 (Street consensus is $0.72). Goldberg's reduction is based on slower investment banking (IB) activity and lower trading revenues. However, these declines will be partially offset by lower overall comps, increased CVA gain and continued reserve releases.

Sees additional negative impact to results from continued implementation of Reg E and the Card Act. But, continued improvement in its provision should boost earnings along with help from more run-down in several portfolios (card and home lending).

Barclays maintains an 'Overweight' rating and $60 price target, but lowers their FY10 EPS estimate from $3.25 to $3.05.

To see all the upgrades/downgrades on shares of JPM, visit our Analyst Ratings page.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company.

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