UPDATE: ISI Group Raises PT on JPMorgan on Raised EPS Estimates Ahead of Investor Day
In a report published Monday, ISI Group reiterated its Buy rating on JPMorgan Chase & Co. (NYSE: JPM), and slightly raised its price target from $54.00 to $55.00.
ISI Group noted, “We expect JPM to remain optimistic about 2013 and the continuation of market share gains, loan growth, operating efficiency improvement, strong capital markets revenue, and stock buybacks all contributing to EPS of at least $5.40 (in our view). We also anticipate a thorough overview of JPM's business segments, which are already performing quite well (see Table 1). For each major segment, we look for mgmt to update capital allocations and long-term ROE targets (see Table 2) and outline profit growth opportunities. Mgmt has stated that segment ROE targets should be consistent or slightly less than prior guidance due to increased line-of-business capital allocations, especially for the IB, due to more required regulatory capital. The total firm through-the-cycle ROTCE goal will likely remain 16%.”
JPMorgan Chase & Co. closed on Friday at $48.91.
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