JP Morgan

Raises Price Targets Above 1Q Earnings!

  JP Morgan Raises Price Targets Above 1Q Earnings! JP Morgan analyst Vivek Juneja upgraded the US Bancorp from Neutral to Overweight The big bank changed strategy immediately after gaining in the first quarter, and the US Bancorp (NYSE: USB) made a major Wall Street raise on Thursday ahead of its upcoming report. -Analist: JP Morgan analyst Vivek Juneja upgraded the US Bancorp from Neutral to Overweight, raising the price target from $ 53 to $ 60. Juneja also raised the price targets of the other seven major capital bank shares under its scope: Bank of America Corp (NYSE: BAC), Citigroup Inc (NYSE: C), Citizens Financial Group Inc (NYSE: CFG) Fifth Third Bancorp (NYSE: FITB), Regions Financial Corp (NYSE: RF), Truist Financial Corp (NYSE: TFC) Wells Fargo & Co. (NYSE: WFC). - The Thesis: In his update note, Juneja said investors should expect extremely strong first-quarter figures from major banks for two reasons. The first is the development of the macroeconomic environment, which means banks are releasing their credit reserves. The second is the increase in expenses, which means higher fees for the card. This sharp increase in spending is particularly good news for the US Bancorp. Juneja said they sent too much fees on the card, which accounted for about 16 % of the company's total revenue in 2019. Juneja said the US Bancorp is trading at an attractive valuation of only 13,5 times its estimated 2022 earnings. Also, several other major bank stocks entering the first quarter earnings season are also on the rise. Besides, JP Morgan; Bank of America Corp, Citizens Financial Group Inc, and Regions Financial Corp. It has an Overweight rating for. -Benzinga's Take: Bank earnings season will kick off on Wednesday, April 14 at JPMorgan Chase & Co. (NYSE: JPM), Goldman Sachs Group Inc (NYSE: GS) and Wells Fargo & Co. Banks will likely be producing some impressive Q1 numbers. However, we will see how much upside gains are added to the stock prices after the big rises.  

Source: Yahoo.Finance

 

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