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）的股票在週一早盤交易中回升，此前在第二季度業績公佈後出現暴跌。
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
這些業績公佈來臨的時候，正值精彩的季度收益季節。以下是分析師從公佈中得出的一些關鍵點。
- 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分析師Chris Kotowski保持跑贏大盤的評級，同時將價格目標從215美元上調至221美元。
- Piper Sandler分析師Scott Siefers重申過度買入評級，同時將價格目標從220美元上調至230美元。
- RBC Capital Markets分析師Gerard Cassidy重申跑贏大盤的評級和211美元的價格目標。
Check out other analyst stock ratings.
查看其他分析師的股票評級。
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的季度業績處於“預期區間的高端，但不足以使我們實質性地改變2025年的預測，”Kotowski在一份報告中寫道。他補充說，每股收益爲6.12美元，超過了5.88美元的預期，“但這些數字被78億美元的Visa收益和10億美元的慈善基金貢獻所扭曲。”
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.
分析師表示，核心營收淨收益爲每股4.53美元，"由於核心撥備前收益爲197億美元，超過了我們的191億美元，而非利息淨收入爲22億美元，比預期高了1億美元。"他進一步表示，"核心撥備前收益的超預期實現，是由於支出比預期低5億美元，而收入保持在預期水平。"
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："在上週五公佈業績的三家大銀行中，JPM的結果和前景是最直接的。"他補充說，摩根大通的基本面仍然強勁，這體現在其20%的核心ROTC（平均有形普通股股東權益回報）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.
分析師寫道，公司在全年的管理指引沒有變化，"我們仍然認爲JPm已經爲該行業中的任何參與者捕捉到了即將到來的利潤反彈，風險狀況仍舊優秀，而該公司的15.3% CET1比率也提供了相當的靈活性。"
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："排除非核心項目後，我們計算出核心每股收益爲4.27美元，高於我們的4.14美元估計和4.20美元預期，"Cassidy說。
"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.
"總的來說，相對於季度前的不確定性，JPm報告了強勁的核心第二季度業績，收入費用超過預期，部分抵消了更高的撥備和更高的費用。"他將2024年和2025年的盈利預測從每股16.39美元上調至每股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價值方面：截至週一發佈時，摩根大通的股價已上漲1.91%，報208.86美元。
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