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“Buy” Rated JP Morgan Chase’s Price Target Increased by Normura Securities (JPM)

Posted
10/15/2012 9:57:00 AM
By: Dividend.com
Referenced Stocks:JPM

Normura Securities analysts raised the price target for JPMorgan Chase & Co. ( JPM ) from $46 to $47 on Monday.

The financial services giant currently has a "Buy" rating by Normura Securities. The analysts were encouraged by JPMorgan's third quarter earnings report.

Analyst Glenn Schorr said, "All in, we think it's a good quarter for JPM and other banks should see similar benefits, but after a good 3Q run-up, stocks have pulled back some as investors see continued headwinds and limited earnings lift near term (we think JPM is better than most)."

The new price target of $47 is a $5.38, or 12.9%, increase from Friday's closing price of $41.62.

JP Morgan's share price was mostly flat in morning trading on Monday.

The Bottom Line
Shares of JP Morgan Chase ( JPM ) have a 2.88% dividend yield, based on Friday's closing stock price of $41.62. The stock has technical support in the $38 price area. If the shares can firm up, we see overhead resistance around the $44-$46 price levels.

JPMorgan Chase & Co. ( JPM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .