JPMorgan Chase's Q2 Results Were The Best Among 3 Big Banks Reporting; These Analysts Dive Deeper Into Results
JPMorgan Chase's Q2 Results Were The Best Among 3 Big Banks Reporting; These Analysts Dive Deeper Into Results
Shares of JPMorgan Chase & Co (NYSE:JPM) recovered in early trading on Monday, after tanking on Friday, following the second-quarter results.
摩根大通股份有限公司（NYSE:JPM）的股票在周一早盘交易中回升，此前在第二季度业绩公布后出现暴跌。
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
这些业绩公布来临的时候，正值精彩的季度收益季节。以下是分析师从公布中得出的一些关键点。
- Oppenheimer analyst Chris Kotowski maintained an Outperform rating, while raising the price target from $215 to $221.
- Piper Sandler analyst Scott Siefers reaffirmed an Overweight rating, while lifting the price target from$220 to $230.
- RBC Capital Markets analyst Gerard Cassidy reiterated an Outperform rating and price target of $211.
- Oppenheimer分析师Chris Kotowski保持跑赢大盘的评级，同时将价格目标从215美元上调至221美元。
- Piper Sandler分析师Scott Siefers重申过度买入评级，同时将价格目标从220美元上调至230美元。
- RBC Capital Markets分析师Gerard Cassidy重申跑赢大盘的评级和211美元的价格目标。
Check out other analyst stock ratings.
查看其他分析师的股票评级。
Oppenheimer: JPMorgan Chase's quarterly results were on the "high side of the expected range, but not enough to make us meaningfully change our 2025 estimates," Kotowski wrote in a note. The earnings came in at $6.12 per share, topping consensus of $5.88, "but the numbers are distorted by a $7.8B Visa gain and a $1.0B contribution to their charitable foundation," he added.
Oppenheimer：JPMorgan Chase的季度业绩处于“预期区间的高端，但不足以使我们实质性地改变2025年的预测，”Kotowski在一份报告中写道。他补充说，每股收益为6.12美元，超过了5.88美元的预期，“但这些数字被78亿美元的Visa收益和10亿美元的慈善基金贡献所扭曲。”
Excluding one-time items, the core operating earnings were $4.53 per share, "driven by core pre-provision earnings at $19.7B versus our $19.1B, only partially offset by NCOs of $2.2B being $0.1B higher than expected," the analyst stated. "The pre-provision earnings beat in turn was driven by expenses being $0.5B better than expected with revenues in line," he further said.
分析师表示，核心营收净收益为每股4.53美元，"由于核心拨备前收益为197亿美元，超过了我们的191亿美元，而非利息净收入为22亿美元，比预期高了1亿美元。"他进一步表示，"核心拨备前收益的超预期实现，是由于支出比预期低5亿美元，而收入保持在预期水平。"
Piper Sandler: "Of the three large banks that reported Friday, JPM's results and outlook were the most straightforward," Siefers said. JPMorgan Chase's underlying fundamentals remain strong, evidenced by its 20% core ROTCE (return on average tangible common shareholders' equity), he added.
Piper Sandler：Siefers表示："在上周五公布业绩的三家大银行中，JPM的结果和前景是最直接的。"他补充说，摩根大通的基本面仍然强劲，这体现在其20%的核心ROTC（平均有形普通股股东权益回报）上。
There was no change to management's guidance for the full year, "which we continue to consider conservative," the analyst wrote. "JPM is as well positioned as any player in the industry to capture the emerging IB rebound, the risk profile remains excellent, and the company's 15.3% CET1 ratio offers plenty of flexibility," he further stated.
分析师写道，公司在全年的管理指引没有变化，"我们仍然认为JPm已经为该行业中的任何参与者捕捉到了即将到来的利润反弹，风险状况仍旧优秀，而该公司的15.3% CET1比率也提供了相当的灵活性。"
RBC Capital Markets: "Excluding noncore items, we calculate core EPS of $4.27, above our $4.14 estimate and $4.20 consensus," Cassidy said.
RBC Capital Markets："排除非核心项目后，我们计算出核心每股收益为4.27美元，高于我们的4.14美元估计和4.20美元预期，"Cassidy说。
"Overall, relative to the uncertainty going into the quarter JPM reported strong core second quarter results driven by better-than-expected fee revenues, partially offset by a higher provision and higher expenses," the analyst wrote. He raised the earnings estimates for 2024 and 2025 from $16.39 per share to $16.64 per share and from $16.51 per share to $16.75 per share, respectively.
"总的来说，相对于季度前的不确定性，JPm报告了强劲的核心第二季度业绩，收入费用超过预期，部分抵消了更高的拨备和更高的费用。"他将2024年和2025年的盈利预测从每股16.39美元上调至每股16.64美元和每股16.75美元。
JPM Price Action: Shares of JPMorgan Chase had risen by 1.91% to $208.86 at the time of publication on Monday.
JPm价值方面：截至周一发布时，摩根大通的股价已上涨1.91%，报208.86美元。
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