NewsJPMorgan Chase upgraded to "overweight"
02/01/06 - Prudential Financial
NEW YORK, February 1 (newratings.com) - Analyst Michael L Mayo of Prudential Financial upgrades JPMorgan Chase (JPM) from "neutral weight" to "overweight," while raising his estimates for the company. The target price has been raised from $40 to $46.
In a research note published yesterday, the analyst mentions that the company’s stock has been underperforming that of its peers in the capital markets. According to the analyst, the correction in the capital markets is complete and the long-term outlook for the industry is positive. JPMorgan Chase’ capital market results for 4Q were relatively weak and the company’s performance is expected to improve from 1Q onwards, Prudential Financial adds. The EPS estimate for FY07 has been raised from $3.85 to $4.00.