Wells Fargo Maintains an 'Outperform' on JPMorgan (JPM); Raising Numbers After Q2 Report
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Price: $52.30 +2.61%
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade JPM Now!
Wells Fargo maintains an 'Outperform' on JPMorgan (NYSE: JPM) price target range $42-44 (from $40-42)
Analyst, Matthew H. Burnell, said, "Much of the upside was derived from a significantly larger-than-expected reserve release ($0.33 benefit) due to improving credit quality and stronger trading results than anticipated. We calculate ''core'' EPS at $0.88, ahead of our $0.74 est. Overall, core ROTCE of 10% combined with much greater certainty on the ultimate size of the CIO losses showed JPM's resilience. Reflecting this strength, we are raising our 2012/2013 EPS estimate to $5.00/$5.50 from $4.40/$5.40 on better mortgage banking and TruPS redemption gains. Our “core EPS” estimate for 2012/2013 now sit at $4.80/$5.41."
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 $36.07 yesterday, with a 52 week range of $27.85-$46.49.
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Analyst, Matthew H. Burnell, said, "Much of the upside was derived from a significantly larger-than-expected reserve release ($0.33 benefit) due to improving credit quality and stronger trading results than anticipated. We calculate ''core'' EPS at $0.88, ahead of our $0.74 est. Overall, core ROTCE of 10% combined with much greater certainty on the ultimate size of the CIO losses showed JPM's resilience. Reflecting this strength, we are raising our 2012/2013 EPS estimate to $5.00/$5.50 from $4.40/$5.40 on better mortgage banking and TruPS redemption gains. Our “core EPS” estimate for 2012/2013 now sit at $4.80/$5.41."
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 $36.07 yesterday, with a 52 week range of $27.85-$46.49.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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JPMorgan, Wells Fargo
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