April 12, 2012 at 15:24 PM EDT
S&P Ups JPMorgan To Buy Before Earnings
JPMorgan (JPM) was rising 2% in recent trading, along with much of the financial sector, as the bank prepares to kick off financials’ earnings season with its first quarter report tomorrow morning. However, a day ahead of the earnings report, S&P Capital IQ rasied its rating on the stock from Hold to Buy. Analyst Eric [...]

JPMorgan (JPM) was rising 2% in recent trading, along with much of the financial sector, as the bank prepares to kick off financials’ earnings season with its first quarter report tomorrow morning.

However, a day ahead of the earnings report, S&P Capital IQ rasied its rating on the stock from Hold to Buy. Analyst Eric Oja raised his target price by $7 as well, to $49, as the stock is trading cheaply and he expects a mostly positive  report.

“On Q1 earnings report Friday, we expect a rebound in trading revenues to $1.0B from $750M in Q4, a lower than peers level of noninterest expenses, better than peer quality of earnings (low reserve releases), as well as improving investment banking results. JPM shares currently trade at less than 10.0X our 2012 EPS estimate of $4.46, which we think is attractive relative to peers and with respect to JPM’s recent historical valuations.”

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