UPDATE: Citigroup Raises PT on JPMorgan Chase & Co. Following 3Q Earnings Release
In a report published Monday, Citigroup analyst Keith Horowitz reiterated a Buy rating on JPMorgan Chase & Co. (NYSE: JPM), and raised the price target from $62.00 to $66.00.
In the report, Citigroup noted, “JPM shares were flat on Friday after releasing 3Q earnings vs +0.4% for the BKX and +0.6% for the S&P 500. While the litigation charges were the main focus and led to a messy quarter, the underlying results pointed to core EPS (ex charges, reserve release, special gains, etc) of $1.48, or roughly a $6 annualized pace. We saw signs of an inflection point in net interest revenue trends and continued strong capital markets results, and only real disappointment was in mortgage (gain on sale was very weak) and asset management which has been reporting very impressive results in the recent past. Credit trends also continued to improve nicely.”
JPMorgan Chase & Co. closed on Friday at $52.51.
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