Polini lowered his rating for JPMorgan Chase (JPM) to "Outperform" from "Strong Buy," while cutting his price target for the shares to $46 from $52, and lowering his 2012 earnings estimate to $4.45 a share from $4.70, and his 2013 EPS estimate to $5.10 from $5.48.
JPMorgan's shares closed at $31.99 Tuesday, down 2% year-to-date, following a 20% decline during 2011. The shares trade just below tangible book value, and for six times the consensus 2013 earnings estimate of $5.35. The consensus 2012 EPS estimate is $4.37.
Based on a 30-cent quarterly payout, the shares have a dividend yield of 3.75%.Polini said that although the valuation for JPMorgan's shares is "very attractive, we believe uncertainty related to macroeconomic issues and the
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV