Wells Fargo Maintains an 'Outperform' on JPMorgan (JPM); Raising Numbers After Q2 Report

Wells Fargo maintains an 'Outperform' on JPMorgan (NYSE: JPM) price target range $42-44 (from $40-42)

Analyst, Matthew H. Burnell, said, "Much of the upside was derived from a significantly larger-than-expected reserve release ($0.33 benefit) due to improving credit quality and stronger trading results than anticipated. We calculate ''core'' EPS at $0.88, ahead of our $0.74 est. Overall, core ROTCE of 10% combined with much greater certainty on the ultimate size of the CIO losses showed JPM's resilience. Reflecting this strength, we are raising our 2012/2013 EPS estimate to $5.00/$5.50 from $4.40/$5.40 on better mortgage banking and TruPS redemption gains. Our “core EPS” estimate for 2012/2013 now sit at $4.80/$5.41."

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 $36.07 yesterday.

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