Oppenheimer Reiterates Outperform On JP Morgan Following 3Q14 Earnings


In a research report issued Wednesday, Oppenheimer analyst Chris Kotowski reiterated an Outperform rating on JP Morgan Chase & Co (NYSE:JPM) with a price target of $69, following the company’s third-quarter results, posting EPS of $1.36 vs consensus of $1.39E.

Kotowski noted, “JPM kicked off earnings season with what we view mainly as a “no surprises” in-line quarter. Like for the rest of the industry, fundamental trends are on very well-defined paths and will likely remain in a holding pattern until interest rates start to rise, in our view. Pre-provision earnings (PPE) excluding DVA and litigation accruals were $9.14B vs. our $9.26B estimate and compare to a prior six-quarter average of $9.28B. The very slight miss related mainly to expenses, which were $209M higher than expected as core revenues were $82M above expectations at $23.87B. In short, the big-picture line items are all in very tightly bound ranges.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Kotowski has a total average return of 8.3% and a 65.1% success rate. Kotowski has an 4.1% average return when recommending JPM, and is ranked #456 out of 3332 analysts.

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