Estimates Cut at JPMorgan (JPM) After 10-Q Cautious Commentary - Nomura

May 5, 2014 7:37 AM EDT Send to a Friend
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Price: $60.30 -1.08%

Rating Summary:
    19 Buy, 9 Hold, 1 Sell

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    Up: 11 | Down: 14 | New: 51
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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.

For an analyst ratings summary and ratings history on JPMorgan click here. For more ratings news on JPMorgan click here.

Shares of JPMorgan closed at $55.58 yesterday.



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