He continues to rate JPMorgan a "Buy," with a $48 price target.
JPMorgan's shares have now returned ___% year-to-date, following a 20% decline in 2011. The shares trade for 1.1 times tangible book value, according to Thomson Reuters Bank Insight, and for eight times the consensus 2013 earnings estimate of $5.32 a share, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $5.70.
Interested in more on JPMorgan Chase? See TheStreet Ratings' report card for this stock.
Written by Philip van Doorn in Jupiter, Fla.