JP Morgan Removed from Goldman Sach's Conviction Buy List (JPM)

JP Morgan Removed from Goldman Sach’s Conviction Buy List (JPM)


Goldman Sachs reported on Friday that they have taken financial services company, JPMorgan Chase & Co.(JPM) off their Conviction Buy List.

The firm has taken JPM off their Conviction Buy List, but still rates the company as a “Buy.” The firm currently has a price target of $52 on the company, up from their previous price target of $50. This price target suggests a 14.5% increase from the stock’s current price of $44.45.

An analyst from the firm noted, “while we still view JPM as a best-in-class franchise positioned to grow EPS and increase capital deployment in 2013, we see more valuation upside for banks with restructuring catalysts as a result of a more challenging starting point on funding costs and environmental expenses.”

JPMorgan shares were mostly flat during premarket trading Friday. The stock has increased 34% in the past year.

The Bottom Line
Shares of JP Morgan (JPM) have a 2.69% dividend yield, based on last night’s closing stock price of $44.57. The stock has technical support in the $40-$42 price area. If the shares can firm up, we see overhead resistance around the $46-$47 price levels.

JPMorgan Chase & Co.(JPM) is not recommended at this time, holding a 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.

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