KBW Reiterates Outperform on JPMorgan Chase (JPM)

KBW is out with its report today on JPMorgan Chase JPM, reiterating Outperform. In a note to clients, KBW writes, "Although JPM reported very noisy results, including outsized reserve release and elevated mortgage banking expenses, core PTPP earnings modestly exceeded our expectations owing to strong investment banking results. Due to momentum in IB and reduced expectations for FinReg costs (taxes), we are raising our 2012 estimate to $5.75 from $5.45 and 2013 to $6.50 from $6.15/share. Reiterating OP rating." KBW has a $58 PT on JPM. At the time of posting, shares of JPM were trading pre-market at $45.95, down 0.65% from Wednesday's close.