Nomura Securities Maintains a 'Buy' on JPMorgan (JPM); Meeting With Management

Nomura Securities maintains a 'Buy' on JPMorgan (NYSE: JPM) price target of $50.00.

Analyst, Glenn Schorr, said, "Meetings with Mike Cavanagh, CEO of JPM’s Treasury & Security Services (before the busted hedge announcement). We think the TSS businesses are an important component of the overall company portfolio, with a majority of growth coming from deeper penetration of existing clients and leveraging the rest of the JPM franchise, including the investment bank, commercial bank, asset management and even RFS. TSS has competitive profitability now with high-teens ROE (better than the trust banks) and mid 20s pre-tax margin (about in line), with a pretty straightforward path towards a 25% ROE and a 35% margin over the next few years."

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 $36.24 yesterday.

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