JPMorgan reported 2Q16 EPS of $1.55 on July 14, up from $1.54 a year earlier and $0.12 above consensus. "EPS topped the consensus forecast by $0.12, likely reflecting Street estimates that did not keep up with improving market conditions. Although market confidence was shaken by the June 23 Brexit vote, the impact on 2Q results was minimal as the vote occurred late in the quarter," wrote Argus.
The analysts believe the investors continue to place a "large bank discount" on the company's shares, which is driven by legal costs and regulatory headwinds concerns.
The company reiterated its Buy rating and $72 price target on JPMorgan, based on a 12.2x 2016 EPS estimate multiple.
At time of writing, JPMorgan was down 0.53 percent at $63.78.
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