UBS Remains Neutral on JPMorgan (JPM) Following 9c EPS Beat

UBS reiterated a Neutral rating and $65.00 price target on JPMorgan (NYSE: JPM) following the company's 3Q15 results and conference call. JPM reported EPS of $1.32, beating consensus by 9c. Revenues came in at $23.5B.

Analyst Brennan Hawken commented, "JPM reported 3Q EPS of $1.68, but excluding tax benefits (57c tailwind), DVA gains (2c tailwind), and reserve releases (5c tailwind vs our estimate), partially offset by elevated legal expenses (19c headwind vs our estimate), we estimate EPS was $1.23, vs our comparable estimate of $1.34 per share. FICC revenues of $2.9 bn were down 11% on a y/y basis (ex DVA, net of business simplification), vs our estimate of $3.2 bn. Equities revenues of $1.4 bn (spot on our estimate) were up 9% y/y driven by strong results in derivatives and cash, with notable strength in Asia, a positive read through for the group (aside from BAC)."

For an analyst ratings summary and ratings history on JPMorgan click here. For more ratings news on JPMorgan click here.

Shares of JPMorgan closed at $61.55 yesterday.

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