JP Morgan Shares Rally Following Raymond James Upgrade to Strong Buy
JP Morgan (NYSE: JPM) earlier received an upgrade from Raymond James' Anthony Polini. The analyst now rates JP Morgan shares a Strong Buy, up from Outperform previously. Polini's price target on JP Morgan was raised from $55 to $64, implying 20 percent upside from the current share price.
Polini called JP Morgan a top pick for Raymond James.
Polini cited an encouraging EPS growth outlook and lessened concerns over last year's "London whale" debacle.
The Raymond James analyst boosted his 2013 EPS estimate from $5.60 to $5.75 and his 2014 estimate from $5.75 to $6.00. The Wall Street consensus for FY13 currently sits at $5.73, while the FY14 consensus sits at $5.97.
Shares of JP Morgan are up nearly 2.7 percent to $53.50 about an hour into Tuesday's trading session.
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