UPDATE: Deutsche Bank Upgrades JP Morgan Chase to Buy on Long-Term Loan Growth Outlook
Deutsche Bank upgraded JP Morgan Chase (NYSE: JPM) from Hold to Buy and raises the price target from $48.00 to $53.00.
Deutsche Bank said, "JPM shares have lagged other market sensitive banks by 30% since the sharp run up in the group that began in early August (likely due to macro optimism and related strength in higher beta stocks, as well as lower CCAR expectations at JPM). But JPM now trades in line on our 2013E and at a discount on our 2014/15e. We expect JPM to highlight $3-5b of cost saves at its investor day (2/26)—half should be incremental to what's known so far. Longer term, we think JPM is the best-positioned market sensitive bank for a pickup in consumer loan growth. Raising 2014E to $5.83 and 2015E to $6.27."
JP Morgan Chase closed at $46.37 on Thursday.
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