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JP Morgan Chase "buy," target price raised | newratings.com
NEW YORK, March 2 (newratings.com) - Analyst Richard X Bove of Punk Ziegel & Co maintains his "buy" rating on JP Morgan Chase (JPM.NYS), while raising his estimates for the company. The target price has been raised from $44 to $50.
In a research note published yesterday, the analyst mentions that at its recent investor day, the company indicated that it holds the second position in the investment banking industry to Citigroup in terms of fees and pretax profits. JP Morgan Chase has also indicated that it is the largest company in several sectors, including high yield bonds, syndicated loans, derivatives and the equity linked products. The company's impressive market presence is expected to improve further going forward, the analyst adds. The EPS estimates for 2006 and 2007 have been raised from $3.33 to $3.61 and from $3.71 to $4.06, respectively.
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