UBS Maintains a 'Buy' on JPMorgan (JPM); Patient Investors Will Be Rewarded
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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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UBS maintains a 'Buy' on JPMorgan (NYSE: JPM) price target lowered from $56 to $46.
Analyst, Brennan Hawken, said, "Stock buyback program suspended, likely done to keep the dividend safe...We are lowering our 2012 estimates to $4.80 from $4.90 and our 2013 estimates to $5.45 from $5.80 driven by a smaller benefit from share repurchases. JPM repurchased a total of $1.3 bn worth of stock in 2012 through April 30 (per the 10-Q), and around $200 million was repurchased in 1Q12. While it is unclear when JPM halted its buyback, our estimates reflect 2Q12 buybacks of $1.5 billion."
"We believe the trading incident will not permanently impair JPM’s ability to generate mid-teens ROTEs, and believe its current valuation of 0.9x TBV will prove an extremely attractive entry point."
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 $32.51 yesterday.
Analyst, Brennan Hawken, said, "Stock buyback program suspended, likely done to keep the dividend safe...We are lowering our 2012 estimates to $4.80 from $4.90 and our 2013 estimates to $5.45 from $5.80 driven by a smaller benefit from share repurchases. JPM repurchased a total of $1.3 bn worth of stock in 2012 through April 30 (per the 10-Q), and around $200 million was repurchased in 1Q12. While it is unclear when JPM halted its buyback, our estimates reflect 2Q12 buybacks of $1.5 billion."
"We believe the trading incident will not permanently impair JPM’s ability to generate mid-teens ROTEs, and believe its current valuation of 0.9x TBV will prove an extremely attractive entry point."
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 $32.51 yesterday.
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