Wells Fargo Maintains an 'Outperform' on JPMorgan (JPM); Q2 Review: Overcoming CIO Losses with Provision Leverage
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Price: $53.02 +1.40%
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
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Wells Fargo maintains an 'Outperform' on JPMorgan (NYSE: JPM).
Analyst, Matthew H. Burnell, said, "JPM reported GAAP EPS of $1.21, ahead of our $0.83 estimate and essentially inline with the downwardly revised $1.19 level in Q1 despite $4.4B of CIO losses (vs. our $3.5B estimate)...We peg ''core'' EPS at $0.82, ahead of our $0.74 estimate due to better-than-feared core trading results. Overall, we consider the quarter relatively stronger than expected (core ROTCE of 10%) due to solid underlying business performance, which should support JPM shares."
Burnell also noted that $30B of the remaining synthetic credit positions have been transferred to the IB, so additional CIO losses now appear unlikely. Extreme simulated scenarios indicate potential remaining loss between $800M to $1.6B.
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 $34.04 yesterday, with a 52 week range of $27.85-$46.49.
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Analyst, Matthew H. Burnell, said, "JPM reported GAAP EPS of $1.21, ahead of our $0.83 estimate and essentially inline with the downwardly revised $1.19 level in Q1 despite $4.4B of CIO losses (vs. our $3.5B estimate)...We peg ''core'' EPS at $0.82, ahead of our $0.74 estimate due to better-than-feared core trading results. Overall, we consider the quarter relatively stronger than expected (core ROTCE of 10%) due to solid underlying business performance, which should support JPM shares."
Burnell also noted that $30B of the remaining synthetic credit positions have been transferred to the IB, so additional CIO losses now appear unlikely. Extreme simulated scenarios indicate potential remaining loss between $800M to $1.6B.
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 $34.04 yesterday, with a 52 week range of $27.85-$46.49.
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