NEW YORK ( TheStreet) -- Wells Fargo ( WFC) and JPMorgan Chase ( JPM) both saw higher price targets from analysts following the release of their first-quarter earnings on Friday. Sterne Agee's Todd Hagerman and Barclays' Jason Goldberg raised targets on both banks. Hagerman lifted Wells Fargo to $38 a share from $36 while maintaining a buy rating. He raised his JPMorgan price target to $50 from $36 while keeping his recommendation at neutral.
Goldberg, meanwhile, lifted his JPMorgan target to $57 from $55. JPMorgan also saw Stifel Nicolaus analyst Chris Mutascio raise his price target to $50 from $45 while he maintained a buy rating. Wells Fargo got an additional lift from Joe Morford at RBC Capital Markets. Morford raised his target to $37 from $35 while maintaining an outperform rating on the shares. Wells Fargo earned $4 billion, or 75 cents per share, beating analyst estimates of 0.73 on strong mortgage banking revenues. JPMorgan earned $3.7 billion, or 90 cents a share. While the number was well short of analysts' expectations of $1.18 a share, that was largely due to an accounting oddity that causes a hit to earnings when banks' creditworthiness improves. Adjusting for that factor, JPM earned $1.45 a share, according to Sandler O'Neill research. Analysts cited strong trading results and improving consumer credit for JPMorgan's strong performance. One analyst who took a more skeptical view of Wells Fargo was Oppenheimer's Chris Kotowski. The analyst lowered his price target on the bank to $35 from $37, even though he maintained an outperform rating on the shares. Despite the positive analyst reception, shares of both banks were below their pre-earnings levels in mid-morning trading on Monday as Citigroup ( C) released its first-quarter numbers. JPMorgan shares were at $43.04, down 0.3% on the day and below Thursday's close of $44.84. Wells Fargo traded at $33.09, up 0.76% on the day but below Thursday's close of $34.02. -- Written by Dan Freed in New York. Follow me on Twitter
Steve Ricchiuto, MZUHO Securities chief economist, and Bob Michele asset management global CIO with JP Morgan (JPM), joined BloomberTV's 'Bloomberg GO' to discuss the economy and the Fed raising rates.