Citi Maintains 'Hold' Rating on JPMorgan Chase (JPM); Increases Price Target
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Citi maintains a 'Hold' rating on JPMorgan Chase (NYSE: JPM), increases price target from $38 to $40.
Citi analyst says, "The story of the quarter is threefold: 1) Strong market share gains in key businesses (including a very strong investment banking quarter), 2) Good progress in downsizing its high risk exposures (legacy leveraged loan commitments and mortgage exposure) plus $40 billion ahead of plan reducing Bear balance sheet, and 3) Credit quality deterioration was less than expected...We saw signs of strong market share gains in many of JPM's key businesses such as: investment banking (including very strong quarter for fixed income), mortgage banking (origination market share has doubled over past 18 mos), and in commercial banking. Investments in the retail banking franchise continue, but deposit market share gains remain elusive."
JPMorgan Chase & Co. is a financial holding company.
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