EverCore analyst trims JPMorgan earnings estimate
According to StreetInsider, Evercore Partners analyst Andrew Marquardt revised his rating on JPMorgan Chase (JPM) ahead of third-quarter earnings on Oct. 11. The firm maintained an overweight rating and price target of $61.
"We expect JPM to report core 3Q13 EPS of $1.40, $0.15 above consensus EPS est of $1.25 (consensus may incl legal costs, DVA losses which we exclude from core) and below 2Q13 core EPS of $1.57," Marquardt notes. "On a reported basis we expect 3Q13 EPS of $0.99 , incl est'd $0.37/shr drag from non-core legal costs, $0.04 DVA drag. Overall 3Q results exp'd lower vs 2Q on seasonally weaker capital mrkts and TSS rev's and slowing mrtg, partly offset by lower expenses, better AQ, and capital build likely (though AOCI hit from higher rates and add'l litigation accruals are wildcards)."