Rochdale securities analyst Richard Bove has raised his price target on JPMorgan Chase (NYSE: JPM) from $50.00 to $55.00 following solid first quarter results from the banking giant. Separately, UBS maintained its “neutral” rating on JPMorgan Chase and bumped its price target from $45.00 to $50.00.
JPMorgan shares rose by about 4% yesterday after releasing its quarterly results. JPMorgan Chase closed at $47.81 on Thursday, indicating that Bove’s price target suggests a potential upside of about 15%.
UBS’ analyst wrote, “Investors are now thinking when, not if, in terms of lower credit costs and reserve releases.”
UBS raised its for-year 2010 earnings per share from $3.00 to $3.44 and its for-year 2011 earnings per share estimate from $4.50 to $4.70
