J.P. Morgan Provides Color on Jones Lang LaSalle, Neutral
J.P. Morgan provided color on Jones Lang LaSalle (NYSE: JLL) after the company's acquisition of King Sturge.
In a research report published today, J.P. Morgan states, "We are lowering our headline 2011 EPS estimate from $4.83 to $4.52 and our 2012 EPS estimate from $5.92 to $5.83. Note that our estimates are negatively impacted by acquisition integration costs ($26 million, recognized over a two-year stretch) and restructuring/integration charges ($24 million, recognized over one year). Note that excluding one-time items, we are increasing our 2011 and 2012 EPS estimates from $4.83 and $5.92 to $4.99 and $6.15, respectively."
At the moment, J.P. Morgan has a Neutral rating and a price target of $114 placed on the company's stock. On Tuesday, Jones Lang closed the day at $91.54.
