UPDATE: J.P. Morgan Raises PT on Astoria Financial from $10.00 to $10.50

J.P. Morgan reiterated an Underweight rating on Astoria Financial

and raised its price target from $10.00 to $10.50. J.P. Morgan wrote, “Astoria's reported 2Q12 EPS of $0.13 matched Street expectations, but was $0.02 ahead of our estimate on lower provision expense as well as the company benefiting from recent expense cut initiatives (although expense could drift up to the expected $75 million range). Overall, we thought the quarter demonstrated AF is doing its best to combat a tough position, with the company cutting expense and period-end loan growth being the best we have seen in four years.' Astoria Financial closed at $9.99 on Thursday.