BMO Capital Cuts Price Target on JPMorgan (JPM) Following 2Q Report

BMO Capital maintained an Outperform rating on JPMorgan (NYSE: JPM), and cut the price target to $74.00 (from $77.00), following the company's 2Q earnings report. JPM reported EPS of $1.47 beating the consensus estimate of $1.42.

Analyst James Fotheringham commented, "We lower our core EPS forecasts by 1% in 2016E (to $5.61 from $5.64), 2% in 2017E (to $6.47 from $6.60), and 2% in 2018E (to $7.36 from $7.50). Higher than previously forecast income tax expenses and provisions for credit losses more than offset our improved outlook for NII, mortgage fees, and FICC trading revenues. We were relieved to see JPM's NPA formation rate (annualized quarterly growth in nonperforming exposure and annualized net charge-offs as a percentage of total credit exposure) fall back to recent (lower) levels after its concerning increase in 1Q16."

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 $64.12 yesterday.

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