Estimates Cut at JPMorgan (JPM) After 10-Q Cautious Commentary - Nomura
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
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
- Jefferies Cuts Price Target on Pepsi (PEP) to $122; Reiterates Buy
- UPDATE: Brean Capital Assumes Nektar Therapeutics (NKTR) at Buy
- RBC Capital Raises Price Target on Costco Wholesale (COST) Following 4Q Report
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!