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RBC note on $JPM
J.P. Morgan Chase reported first-quarter earnings per share of $2.37 on revenue of $28.52 billion, beating expectations from a consensus of analysts polled by Thomson Reuters. The bank reported a 7 percent decline in investment banking revenues to $1.6 billion, while adjusted sales from fixed-income trading were unchanged, missing analyst expectations in a StreetAccount survey.
The RBC price target is $120 and stock is rated outperform
RBC Issued Positive Note on Top U.S. Banks
The top 20 banks’ first quarter results reflected strong year-over-year earnings growth, robust capital positions, strong credit quality, the benefits of higher short term interest rates and lower tax rates and continued expense management.
The expected upside in stock prices should be driven by growth in the industry’s core businesses, increased levels of capital returned to shareholders, and higher interest rates. We think potential appreciation ranges from 20% to 25% for some of the top 20 banks.
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