Estimates Cut at JPMorgan (JPM) After 10-Q Cautious Commentary - Nomura
- Market Wrap: Broadcom, Avago in M&A Speculation; Kors' 'Unfashionable' Q4, Outlook; McDonald's to Trim-Back Data
- Broadcom (BRCM) in Advanced Talks with Avago Tech (AVGO) - DJ
- After-Hours Stock Movers 05/27: (RALY) (PLKI) Higher; (NBS) (TLYS) (OCN) Lower (more...)
- CA Technologies (CA) to Acquire Rally Software (RALY) in ~$480M Deal
- Palo Alto Networks (PANW) Tops Q3 EPS by 3c; Announces Acquisition of CirroSecure
Nomura Securities analyst Steven Chubak lowered estimates on JPMorgan (NYSE: JPM) after the company filed its 10-Q Friday, which showed cautious trading guidance. The firm maintained Neutral rating and $62 price target.
Chubak commented, "JPM published its 10-Q after Friday’s close, which included cautious outlook commentary for 2Q, as the revenue backdrop remains challenged, notably in Mortgage and FICC/Equities. We are lowering 2QE to $1.26 from $1.34 to reflect updated guidance, including: weaker-than-forecast trading revenue (-$0.05); negative operating leverage in CIB (-$0.02); and more pronounced declines in servicing fees (-$0.01). We expect JPM shares to underperform by ~125-150bps relative to the S&P Financials on Monday, consistent with the percentage decline in ’14E consensus that we envisage."
The firm maintained FY14E EPS at $5.19; FY15E EPS at $5.86.
Shares of JPMorgan closed at $55.58 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Frontier (FTR) 'Oversold', Morgan Stanley Upgrades Two Notches to Overweight
- Macquarie Upgrades DuPont Fabros Technology (DFT) to Outperform
- Retrophin's (RTRX) PRV Sold For More Than Projected, Says Deutsche Bank
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change
Related EntitiesJPMorgan, Standard & Poor's, Nomura
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!