First-quarter earnings from the largest U.S. banks are off to a mostly positive beginning despite a tough start to the year for the sector, analysts said.
First-quarter earnings from the largest U.S. banks are off to a mostly positive beginning despite a tough start to the year for the sector, analysts at Jefferies said Monday.
Reacting to earnings updates on Friday from JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and PNC Financial Services Inc., Jefferies analyst Ken Usdin said “it was a good start to the season.” It lifted Citigroup’s price target to $51 from $49 a share, moved up JPMorgan’s price target to $152 from $124 and bumped up Wells Fargo’s price target to $43 from $36 a share.
The outperformance by JPMorgan is not likely to be sustainable, although the franchise “has strong momentum” with preprovision net revenue trends that may enable the company to absorb higher credit costs and capital requirements, Konrad said. The comments from Jefferies and KBW analysts come a day before Bank of America Corp. BAC and Goldman Sachs Group Inc. GS are due to report their first-quarter results, followed by Morgan Stanley MS on Wednesday.
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