Morgan Stanley has raised its EPS estimates and is maintaining its Overweight rating and $61 price target after J.P. Morgan Chase & Co. JPM showed another strong quarter.
In the report, Morgan Stanley writes, “Several underlying trends that together show JPM's drive to grow quality share: its strong balance sheet, investing in people in the IB, Asset Management, Card and TSS business, strong marketing spend, IT investments in IB and TSS, RWAs up 1.5% q/q with 2% q/q growth in IB loans and 1.2% q/q growth in commercial loans, etc. Operating leverage excluding mortgage one-timers was slightly negative, but we expect JPM will reverse that in 2h11 as it takes quality share gain early in the cycle.”
JPM closed at $46.25 yesterday.
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Posted In: Analyst ColorAnalyst RatingsFinancialsJ.P.Morgan Chase & Co.Morgan StanleyOther Diversified Financial Services
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