Model update: Remain Overweight
We are updating our JPM model to reflect Q4 results, revenue trends and tax guidance from management. As a result, our FY18 forecasts increase by 2.7% as lower net interest income estimates are more than offset by lower operating costs, provisions and tax expenses. Our FY19 estimates increase by 2.0%. Our price target increases to $130 (from $125) and we retain our Overweight recommendation.JPMorgan Chase is a financial holding company. Through its subsidiaries, the company's segments include: Consumer and Community Banking, which provides services through bank branches, ATMs, digital (including mobile and online) and telephone banking; Corporate and Investment Bank, which consists of Banking and Markets and Securities Services, provides a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services; Commercial Banking, which provides financial solutions, including lending, treasury services, investment banking and asset management products; and Asset and Wealth Management, which is engaged in investment and wealth management.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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