Estimates Cut at JPMorgan (JPM) After 10-Q Cautious Commentary - Nomura
- Market Wrap: Adv. Q3 GDP Outpaces; Citi Lowers Q3 Results; Starbucks Percolates in Q3
- Starbucks Coffee (SBUX) Reports In-Line Q4 EPS
- Citigroup (C) Adjusts Q3 Results Lower
- After-Hours Stock Movers 10/30: (MELI) (GPRO) (AXTI) Higher; (AEGR) (TRMB) (TPX) (SBUX) Lower (more...)
- LinkedIn (LNKD) Tops Q3 EPS by 5c; Guides FY14 EPS Above Views
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
- UPDATE: Deutsche Bank Starts JD.com, Inc (JD) at Hold - Correction
- Atmel (ATML) PT, Estimates Trimmed at BofA/Merrill Lynch on Muted Growth
- Blue Nile (NILE) PT Lifted to $35 at RBC Capital on 'Much Better Than Feared' Q3
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!