Friday, March 26, 2010
JPMorgan Chase (JPM) : Target $53
In anticipation of somewhat softer Q1 results due out late next month, analysts at Oppenheimer reduced earnings estimates on several of U.S.'s largest banks this morning. The firm notes that "mid-quarter downdraft in equity prices - which has since been reversed - generally pressured equity, M&A and investment banking revenues." Although Oppenheimer sees loan volumes continuing to fall moving forward, the firm still believes that these banks are on track for a solid multi-year rebound.
Oppenheimer lowered its Q1 earnings estimates on JPM.
JPMorgan (NYSE: JPM) from $0.79 to $0.70, vs. the analyst consensus of $0.65. Firm maintains an Outperform rating and $54 price target. Itz Stock Chartz has a $53 Price target if it breaks over $47 resistance.