Analyst boosts JPMorgan Chase price target

Analyst raises JPMorgan Chase price target, says operating results remain strong

Associated Press

NEW YORK (AP) -- The strength of JPMorgan Chase's operating results should continue to help shrink lingering regulatory risks facing the nation's biggest bank, an analyst said Wednesday.

JPMorgan, which suffered a surprise $6 billion trading loss last year, is facing regulatory investigations and lawsuits not only over the trading loss but also other practices including how it handles foreclosures.

But Sterne, Agee & Leach analyst Todd Hagerman said in a client note that JPMorgan's core segments — including asset management, investment banking and large corporate/middle market lending — remain strong and should be able to help diminish these concerns.

The analyst thinks that better-than-expected capital markets, lower environmental-related costs and ongoing credit leverage will probably help to offset weak revenue.

Hagerman raised his price target to $64 from $54 and reaffirmed a "Buy" rating.

Shares of JPMorgan Chase & Co. fell 1 cent to $53.48 in afternoon trading. The company has been turning in record profits and its stock price is near a multi-year high, reaching $55.90 at the end of May.

Rates

View Comments (1)