JPMorgan Reports Q2 Miss


JPMorgan Chase & Co. (NYSE:JPM) reported its Q2 results, with EPS of $2.76 coming in worse than the Street estimate of $2.94. Revenue was $31.6 billion, compared to the Street estimate of $31.82 billion.
While the company’s traditional banking businesses performed well during the quarter, its capital markets businesses, particularly investment banking, experienced difficulties.
The company posted strong net interest income growth, loan growth and credit quality. However, the company put its share buyback on hold as a result of expected increases in its regulatory capital requirements. The analysts lowered their price target on the company’s shares to $130 from $155, while reiterating their outperform rating.


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