JPMorgan Chase "buy," target price raised

02/06/06 - Banc of America

NEW YORK, February 6 (newratings.com) - Analyst John McDonald of Banc of America Securities reiterates his "buy" rating on JPMorgan Chase (JPM). The target price has been raised from $42 to $45.

In a research note published on February 3, the analyst mentions that the company’s performance in retail financial services and I-banking has improved, while the TSS and cards businesses are witnessing margin expansion. JPMorgan Chase is witnessing further reduction in its corporate expenses and its risk profile, profitability and earnings are expected to improve over the next couple of years, the analyst says. Banc of America Securities expects the company’s stock to outperform that of its peers in the near future.