Deutsche Bank Downgrades JPMorgan (JPM) to Hold; Whale Hit Recouped; Shares Less Compelling

Deutsche Bank downgraded JPMorgan (NYSE: JPM) from Buy to Hold with a price target of $40.00 (from $43.00).

Deutsche analyst, said, "Last Fri, we met with JPM's CFO. Besides announced mgmt changes, there wasn't much new info. That said, we have become increasingly concerned that: 1) EPS expectations may be too high (our 2013e is 3% below consensus and we have a downward bias to our estimate), 2) capital deployment may disappoint (we think Fed approval for meaningful buybacks in 4Q12/1Q13 is unlikely) and 3) regulatory/legal matters (such as LIBOR, VAR model changes, CIO loss disclosures, etc) remain uncertain. Given these and a 19% rise in the stock off recent lows, we think the risk/reward is less compelling."

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 $36.89 yesterday.

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