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

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

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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 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.

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