Citi Maintains a 'Hold' on JPMorgan Chase (JPM) After Meeting with CEO Jamie Dimon
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Citi maintains a 'Hold' on JPMorgan Chase & Co (NYSE: JPM) after meeting with the Chairman/CEO, Jamie Dimon. Price target $23.
Citi analyst says, "On Feb 6 we met with JP Morgan CEO Jamie Dimon. One clear takeaway was Mr. Dimon's strong desire to repay TARP as soon as possible, and he expressed confidence that JPM will be among the first banks to repay it. To repay the $25 bil TARP under current rules within the first 3 years, JPM would need to raise $25 billion of Tier 1 eligible capital. But given TARP preferred dividends are only 5%, Mr. Dimon does not see immediate urgency to repay, since market rates are higher and would therefore be very dilutive. That being said, if there were amendments to the rules that would allow firms to pay off TARP in the first 3 years without raising capital, we believe JPM would very strongly consider it...Mr. Dimon stressed the importance of remaining focused in the businesses in which one chooses to compete...Mr. Dimon noted his comfort with the dividend and views it as an important obligation...Overall, Mr. Dimon does not expect a significant change in the long term return outlook for his businesses (e.g. still looking for a 20% ROE in I-bank), but did note that there could be compression of industry returns in the intermediate term due to increased government ownership."
JPMorgan Chase & Co. is a financial holding company.
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