Nomura Securities Maintains a 'Buy' on JPMorgan (JPM); Investor Day Highlights
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Price: $362.84 -0.07%
Rating Summary:
22 Buy, 25 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 25 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on JPMorgan (NYSE: JPM) price target of $41.00.
Analyst, Glenn Schorr, said, "Throughout the day, we heard encouraging comments / confidence on the US economy, housing, broad benefits of the LTRO, JPM’s multiple growth initiatives, stable expenses, building capital/capital return story, and JPM’s ability to adapt to the tougher regulatory environment. While JPM held to the same $24bn net income performance target as last year, it equates to a higher EPS # and a majority of the delta from 2011 earnings comes from dissipating costs (mortgage, litigation, and credit) which gives us comfort JPM gets there and then some given all the growth initiatives. Mgmt’s expectation for flat expenses in 2012 and higher confidence that the recent downturn is mostly cyclical (which is now lifting – read strong 1Q in FICC) also helps. While we think JPM represents good value here, we think investors will eventually want to see stronger organic growth to get the stock to a more “normal” multiple."
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 $39.21 yesterday.
Analyst, Glenn Schorr, said, "Throughout the day, we heard encouraging comments / confidence on the US economy, housing, broad benefits of the LTRO, JPM’s multiple growth initiatives, stable expenses, building capital/capital return story, and JPM’s ability to adapt to the tougher regulatory environment. While JPM held to the same $24bn net income performance target as last year, it equates to a higher EPS # and a majority of the delta from 2011 earnings comes from dissipating costs (mortgage, litigation, and credit) which gives us comfort JPM gets there and then some given all the growth initiatives. Mgmt’s expectation for flat expenses in 2012 and higher confidence that the recent downturn is mostly cyclical (which is now lifting – read strong 1Q in FICC) also helps. While we think JPM represents good value here, we think investors will eventually want to see stronger organic growth to get the stock to a more “normal” multiple."
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 $39.21 yesterday.
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