Nomura Initiates Coverage on JPMorgan
In a report published Thursday, Nomura analyst Steven Chubak initiated coverage on JPMorgan Chase (NYSE: JPM) at Neutral, with a $61.00 price target.
According to the report, JPM's earnings profile/mix are favorable, but the current capital shortfall should dampen near-term return prospects.
“Pressures in FICC and Mortgage Banking should also limit revenue growth, with few opportunities on the cost side given already best-in-class efficiency ratios,” the report noted.
Some highlights from the report included:
-Our forecasts indicate mid-cycle ROE potential of ~14%, supporting modest potential upside to shares. -FY13E EPS at $4.31. -FY14E EPS at $5.38.
JPM closed Wednesday at $58.68.
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