UPDATE: Stifel Nicolaus Initiates JPMorgan Chase at Hold

Stifel Nicolaus is out with its report today on JPMorgan Chase JPM, initiating shares of JPM at Hold. In a note to clients, Stifel Nicolaus writes, "We are initiating coverage of JPMorgan Chase with a Hold rating on the shares. Our EPS estimates of $4.65 and $5.35 for 2011 and 2012, respectively, are 5%-6% below the consensus estimates of $4.94 and $5.66." At the time of posting, shares of JPM were trading pre-market at $43.89, down 0.25% from Thursday's close.