J.P. Morgan Cut To Hold From Buy At Deutsche Bank

J.P. Morgan Chase & Co. was downgraded to hold from buy by Deutsche Bank, which said, among other things, that it’s increasingly concerned earnings-per-share expectations may be too high for the investment bank.

In a noted dated July 29, Deutsche Bank analysts said capital deployment for J.P Morgan may disappoint and regulatory and legal matters remain uncertain. “Given these and a 19% rise in the stock off recent lows, we think the [risk-versus-reward outlook] is less compelling,” said the analysts, who cut their target price to $40 from $43. On Friday, J.P. Morgan announced a reshuffling of senior management.

MarketWatch