J.P. Morgan Inc. (JPM) - Get JPMorgan Chase & Co. (JPM) Report is on its way to eclipsing $100 per share, analysts at Credit Suisse wrote in a note Thursday, following the company's announcement of a $19.4 billion share buyback program.
Credit Suisse has a $102 price target on the company, representing a potential 11% upside from the stock's previous close.
The bank also hiked its quarterly dividend to 52 cents per share.
J.P. Morgan's stock was climbing Thursday after the Federal Reserve approved the company's capital allocation program as part of its Dodd-Frank-mandated stress test.
Shares were up 0.85% to $90.58 per share in late morning trading.
What's Hot On TheStreet
Happy birthday iPhone: Apple's (AAPL) - Get Apple Inc. (AAPL) Report iPhone turns 10 years old today! What an amazing product Steve Jobs and his team created. But, as TheStreet's Natalie Walters points out, the next five years for Apple could be radically different. Sales could well be boosted by new, non-iPhone products such as smart glasses and autonomous car technologies. Walters also mentions that iPhone demand may peak in 2019.
Blue Apron falters: Blue Apron (APRN) - Get Blue Apron Holdings, Inc. Class A Report plans an initial public offering on Thursday seeking a valuation of about $2 billion. That's down significantly from a $3.2 billion valuation it had previously hoped to achieve. In the public sphere, the New York-based meal kit delivery service's IPO comes at an unsettling time, points out TheStreet's Ron Orol, as the markets begin to digest Amazon Inc.'s (AMZN) - Get Amazon.com, Inc. Report mega $13.4 billion acquisition of Whole Foods Market Inc. (WFM) . Moreover, investors have questioned Blue Apron's business model -- it hasn't turned a profit since 2012 due to rising marketing and distribution costs.
Regulators outsmarted: With questions swirling whether its combination would get approved by regulators, Walgreens Boots Alliance (WBA) - Get Walgreens Boots Alliance Inc Report and Rite-Aid (RAD) - Get Rite Aid Corporation Reportstruck a clever deal on Thursday. Walgreens will pay $5.175 billion to Rite-Aid in cash and receive 2,186 stores in return. Walgreens will also pay Rite-Aid a $325 million termination fee for its planned buyout of the company.
Walgreens will be an even bigger drug-selling beast, with more than 15,000 stores spanning 11 countries. As for Rite-Aid, it will be left with about 2,300 stores once the deal closes in six months.
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