UPDATE: Sterne Agee Upgrades JP Morgan Chase to Buy on Strong Fundamentals

Sterne Agee raised its rating on JP Morgan Chase

from Neutral to Buyand increased its piece target from $47 to $51. Sterne Agee noted, "JPM's underlying business unit performance continues to perform well under otherwise challenging circumstances, particularly in large corporate/middle market lending, in addition to strong mortgage banking revenues. Additionally, earnings leverage tied to improving credit quality and low environmental costs appears more likely in the later part of 2013 and into 2014. To be sure, we continue to view JPM as one of the premier global commercial banks due to its talented management team, strong balance sheet, and leading market positions in all major lines of business." JP Morgan Chase closed at $44.66 on Wednesday.