JP Morgan Shares Rally Following Raymond James Upgrade to Strong Buy - JPMorgan Chase (NYSE:JPM)

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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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