Big bank earnings, UK GDP growth, equity outflows - what's moving markets

JPMorgan (JPM) PT Lowered to $195 at BMO Capital

BMO Capital analyst James Fotheringham lowered the price target on JPMorgan (NYSE: JPM) to $195.00 (from $196.00) while maintaining a Market Perform rating.

The analyst comments "Despite JPM's 1Q24 credit and fees beat, our out-year estimates are essentially unchanged; higher-than-previously modeled fees are offset by higher... More

Citi (C) PT Raised to $63 at BMO Capital

BMO Capital analyst James Fotheringham raised the price target on Citi (NYSE: C) to $63.00 (from $61.00) while maintaining a Market Perform rating.

The analyst comments "Despite C's 1Q24 big credit and fees beat, our out-year estimates are essentially unchanged; higher fees offset higher provisions.... More

Goldman Keeps Conviction Buy Rating on Citi (C), 'A good start of the year'

Goldman Sachs analyst Richard Ramsden reiterated a Conviction Buy rating and $69.00 price target on Citi (NYSE: C).

The analyst comments "C reported 1Q24 EPS of $1.58 vs GSe/Visible Alpha Consensus Data of $1.04/$1.14, with core EPS of $1.87, above our like estimate of $1.52 (excluding separation costs related divestitures, lending hedges, normalizing the tax rate, adjusting for impairment, FDIC special assessment, and coring out reserve), predominately due to higher fee revenue than the Street had expected, coupled with lower... More

Citi on JPMorgan (JPM): 'NII Guide Softer Than Market Was Hoping For'

Citi analyst Keith Horowitz reiterated a Neutral rating and $200.00 price target on JPMorgan (NYSE: JPM).

The analyst comments "JPM reported a 28c core PPNR beat to our estimates and 42c to consensus largely due to better top line (both in NII and fees)... More

Goldman Sachs on JPMorgan (JPM): 'Weaker start to '24 in both NII and expenses'

Goldman Sachs analyst Richard Ramsden reiterated a Buy rating and $229.00 price target on JPMorgan (NYSE: JPM)

The analyst comments "JPM reported 1Q24 EPS of $4.44 vs GSe/Visible Alpha Consensus Data $4.25/$4.18, with core EPS of $4.79, vs. our/consensus like estimates of $4.77/$4.63 (adjusting for -$366mn loss on securities, -$15.0mn CVA/DVA loss; -$72mn legal benefit, ~$725mn FDIC special assessment, $450mn tax benefit for tax... More

Citigroup (C) beats Q1 earnings, revenue consensus expectations

Citigroup (NYSE: C) reported its first-quarter earnings Friday. Earnings and revenue topped analyst consensus expectations, pushing its stock price 1% higher premarket.

The bank posted earnings per share of $1.58, above the consensus estimate of $1.22, while revenue for the quarter came in at $21.1 billion, topping the consensus estimate of $20.39 billion.

Revenues... More

Evercore ISI on Wells Fargo (WFC): 'Expenses miss is noteworthy'

Evercore ISI analyst John Pancari reiterated an Outperform rating and $67.00 price target on Wells Fargo (NYSE: WFC)

The analyst comments "Core 1Q24 EPS $1.27 vs. EVR $1.10 and cons $1.11. Reported $1.20. Core EPS beat driven by higher non-II (+$0.22) and lower provision (+$0.09), partially offset by higher expenses... More

Goldman Sachs on Wells Fargo (WFC): 'EPS beat on stronger fee income, though focus is on unchanged NII guidance'

Goldman Sachs analyst Richard Ramsden reiterated a Buy rating and $65.00 price target on Wells Fargo (NYSE: WFC)

The analyst comments "WFC reported 1Q24 EPS of $1.20, better than Visible Alpha Consensus Data/GSe of $1.01/$1.03, although excluding one-timers, core earnings per share appear to be $1.31, above Street/our like estimates of $1.26/$1.20. Key takeaway: We expect a mixed investor response to results, as the core PPNR of $7.5bn came in 6% above like Street PPNR, but the company guided... More

Morgan Stanley on JPMorgan (JPM): 'Flat NII guide is a modest disappointment to the Street'

Morgan Stanley analyst Betsy Graseck reiterated an Overweight rating and $221.00 price target on JPMorgan (NYSE: JPM)

The analyst comments "EPS likely higher on lower provision. Flat NII guide is a modest disappointment to the Street; composition improving with NII... More

Evercore ISI on JPMorgan (JPM): 'NII Beat & Raise Punchbowl Running Low, Rest Looks Normal JPM Good'

Evercore ISI analyst Glenn Schorr reiterated an Outperform rating and $210.00 price target on JPMorgan (NYSE: JPM).

The analyst comments "JPM EPS of $4.44 ($4.63 ex FDIC) vs. Our / Street of $4.33 / $4.13. Beat on top and bottom line and we saw a lot of the typically strong JPMorgan metrics to point to, though wed expected the NII trend and commentary to steal the show for a minute and think the most bullish JPM fans were hoping for a bigger upside guide than we got as Jamie has been telling... More