JPMorgan (JPM) PT Lowered to $217 at Oppenheimer

Oppenheimer analyst Chris Kotowski lowered the price target on JPMorgan (NYSE: JPM) to $217.00 (from $219.00) while maintaining a Outperform rating.

The analyst commented: "On earnings day JPM's shares were down 6.5% versus 1.4% for the S&P 500 and 1.5% for the BKX. Other than that perhaps everyone already owns and loves it and that there was no major upping of guidance, we don't see why the stock should have traded down. The results looked like a solid beat to us. Reported EPS of $4.44 beat our $4.15E and consensus $4.17E. These results had a small reserve release and the special FDIC assessment in them. Stripping them out we'd place core economic EPS at $4.61 versus our $4.35E on a comparable basis, so a nice beat. We continue to rate JPM outperform. Our target goes from $219 to $217 mainly as of changes in the market multiple, as our 2025 estimates are nearly unchanged."

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