NEW YORK (
was among the winners of the financial sector Wednesday after UBS upgraded the bank's stock to buy from neutral.
shares rose 1.4% to $39.08 after UBS analyst Glenn Schorr said the stock has an attractive entry point given its long-term earnings power. Schorr has a price target of $50 on JPMorgan, representing upside of 28% from where the stock currently trades.
"While it's tough to have too much conviction on most financial stocks these days and JPM has been a source of funds for investors looking to get more liquid, we think JPM has top quality businesses, a solid balance sheet, and a really strong management team," Schorr writes in his research note.
Among other major U.S. bank stocks,
climbed 3.1% to $26.95,
advanced 1.9% to $28.76,
Bank of America
tacked on 1.3% to $15.63,
added 1.2% to $143.57, and
was up 1% to $3.89.
Overseas bank stocks were mixed. On the upside,
Bank of Ireland
rose 5.1% to $4.97,
National Bank of Greece
was up 3.4% to $2.43, and
( STD) added 0.9% to $9.92.
Allied Irish Banks
fell 3.5% to $2.47,
Royal Bank of Scotland
slipped 1% to $13.26, and
Lloyds Banking Group
dipped 0.3% to $3.32.
Back in the U.S., shares of
American International Group
advanced after U.K. insurer
said Wednesday it is in talks with AIG to terminate the agreement to buy AIG's Asian life insurance unit.
Prudential PLC had originally agreed to buy AIA for $35.3 billion, but resistance from shareholders to the high price forced the U.K. company to attempt to renegotiate the deal with AIG. AIG rejected Prudential PLC's revised offer of $30.375 billion on Tuesday.
AIG shares were up 2.5% to $35.10, while Prudential PLC shares trading in New York slipped 0.7% to $16.42.
Elsewhere, shares of
rose as CEO Raymond McDaniel and billionaire investor
, Moody's largest shareholder, appeared before the Financial Crisis Inquiry Commission to testify on the ratings agencies' role in the subprime crisis.
In prepared testimony, McDaniel said that Moody's inaccurate ratings of mortgage-related investments were "deeply disappointing" but investors shouldn't rely on ratings to buy or sell securities, according to a report by the
Moody's was lately up 3.1% to $19.90, while
( MHP), which owns Standard & Poor's, was gaining 2.2% to $27.62.
shares were also on the rise after the futures exchange operator said average daily volume (ADV) for ICE's futures markets grew 44% from a year ago to a record 1.44 million contracts in May. Shares of ICE were gaining 4.5% to $121.05.
-- Written by Robert Holmes in Boston
Follow Robert Holmes on
and become a fan of TheStreet.com on