Nomura Securities Maintains a 'Buy' on JPMorgan (JPM); 4Q11 Results First Read

Nomura Securities maintains a 'Buy' on JPMorgan (NYSE: JPM) price target of $41.00.

Nomura analyst, Glenn Schorr, said, "While revenues and EPS were a little below expectations, we’d call it an in-line with low expectations quarter, as not a lot has changed since JPM’s December presentation or Jamie’s interview on CNBC (Jan 9th). To that end, Cards, Business Banking and TSS keep growing loans, balances and deposits, and the company sees “signs of improvement in loan demand and credit quality”. Still, capital markets remain subdued, mortgage losses/delinquencies remain elevated, and pretax pre-provision earnings continue to slip (despite good expense control) in this soft revenue environment. We think things are fine at JPM, but given the ~11% run up in the stock YTD and no near-term relief in sight for issues in Europe, the big mortgage tail or pick up in capital markets, our gut is JPM and many other financials take a breather in the near term." (Nomura maintains 2012 EPS estimate at $4.50 and FY13 at $5.60)

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 $36.85 yesterday.

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