ISI Reiterates Buy on JPMorgan Chase

ISI is out with its report today on JPMorgan Chase

, reiterating Buy. In its report, ISI writes, "JPM remains our top bank pick and valuation still looks very attractive as our $47 PT implies significant upside and is based on a weighted average of just 8x our 2013 EPS estimate and 1.35x our estimate of tang. BV per share of ~$35 by 2Q12 (supported by an ROTCE outlook of 14.5%)." At the time of posting, shares of JPM were trading at $31.57, down 4.91% from Wednesday's close.