JP Morgan Chase "buy"

03/31/06 - Punk Ziegel & Co.

NEW YORK, March 31 (newratings.com) - Analyst Richard X Bove of Punk Ziegel & Co maintains his "buy" rating on JP Morgan Chase (JPM). The target price is set to $50.

In a research note published yesterday, the analyst mentions that according to recent speculations on CNBC, JP Morgan Chase is expected to acquire Bank of New York's retail banking system as well as Morgan Stanley in 2007. The analyst expects the acquisition of Bank of New York's retail banking system to strengthen JP Morgan Chase's position in New York. The merger of JP Morgan Chase and Morgan Stanley is expected to offer stiff competition to Goldman Sachs and Citigroup, the analyst adds.