Oppenheimer Maintains Outperform Rating, $58 PT for JPMorgan Chase

In a company update published earlier today, Oppenheimer Holdings maintained its Outperform rating and $58.00 price target for JPMorgan Chase & Co.

. Oppenheimer went on to say “JPM released its 10-Q yesterday and held an extraordinary after hours conference call with CEO Jamie Dimon. The upshot of all this was that the press reports about a 'London Whale' were indeed correct and that it was not all a tempest in a teapot as Dimon had said on the 1Q conference call. The 'whale' position of synthetic credit index derivatives had caused a $2B trading loss thus far in 2Q, which has been partially offset by $1.0B in securities gains. In the context of JPM these would seem like an easily manageable matter, but Dimon's call--clearly embarrassed and furious--citing the strategy as ‘flawed, complex, poorly reviewed, poorly executed and poorly monitored' will be an overhang.” JPMorgan Chase & Co. closed yesterday at $40.74.