FBR Capital Reiterates an 'Outperform' on JPMorgan (JPM); Strong Core Result, Despite Weak Retail Banking

FBR Capital reiterates an 'Outperform' on JPMorgan (NYSE: JPM), PT $56.

FBR analyst says, "Earnings fundamentals were strong again this quarter due to better-than-expected trading revenues and strong investment banking operations. The strength in the company's capital markets divisions led to an increase in net revenues of 6% from 1Q11 even though JPMorgan increased provisions $650 million and took on $1.3 billion of additional litigation charges, primarily due to repurchase and foreclosure settlements."

"We are increasing our FY11 operating EPS estimate to $5.45 from $4.95 and increasing our GAAP EPS estimate to $4.95, largely driven by the current quarter's results and assigning litigation expenses outside of operating results. We are also increasing our FY12 operating EPS estimate to $6.10 from $5.65 and GAAP estimate to $5.76 from $5.65."

For more ratings news on JPMorgan click here and for the rating history of JPMorgan click here.

Shares of JPMorgan closed at $40.35 yesterday.

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