Polini lowered his rating for JPMorgan Chase (JPM - Get Report) 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