O'Connor maintained his "Hold" rating on JPMorgan Chase (JPM), but raised his price target for the shares to $48 from $40, saying that the new price target "assumes JPM trades in line with market sensitive peers (at 9x our 2014E) and a discount to our target group multiple for market sensitive banks and large regionals of 10.5x." JPMorgan's shares closed at $44.57 Thursday. Deutsche Bank estimates the company will earn $4.95 a share in 2013, with EPS growing to $5.36 in 2014 and $5.84 in 2015.
O'Connor also stuck with his "Hold" rating for Wells Fargo (WFC), while raising his price target by a dollar to $37. The analyst said that his price target "assumes WFC shares trade mostly in line with our target group multiple of 10.5x our 2014E (a premium to market sensitive banks, but in line with large regionals)." Wells Fargo's shares closed at $34.76 Friday. O'Connor estimates that the company will earn $3.55 a share this year, with EPS rising to $3.68 in 2014 and $3.98 in 2015.
-- Written by Philip van Doorn in Jupiter, Fla.>Contact by Email. Follow @PhilipvanDoorn
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