Estimates Cut at JPMorgan (JPM) After 10-Q Cautious Commentary - Nomura
- Wall Street rallies as higher oil boosts energy stocks
- Hewlett Packard Enterprise (HPE) to Spin, Merge Enterprise Services Business with CSC (CSC)
- Medivation's (MDVN) Board Split Over Support for Gilead (GILD), Pfizer (PFE) Proposals - Source
- Sarepta Therapeutics (SRPT) Says FDA Will Not Complete Review of Eteplirsen by PDUFA Date
- Oil up near $50 on bets for large U.S. crude drawdown
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 DSW, Inc. (DSW) to $26 Following 1Q Shortfall
- Nimble Storage (NMBL) Earnings Call Takeaways - Susquehana
- Hewlett Packard (HPE): Enterprise Services Spin-Off Will Create Better Focus - FBN
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!