Top Stock to Buy #4 – JPMorgan Chase & Co. (JPM)
JPMorgan Chase & Co. (NYSE:JPM) has assets of over $2.3 trillion and has increased earnings every year since 2008. It reported earnings of $4.48 in 2011 compared to $3.96 in 2010, and estimates are for an increase to $5.13 in 2012.
JPM is considered the most solid of all major banks by a broad range of analysts. And the stock pays a dividend of $1 per share (yield 2.61%).
In our Top Stocks for January, we recommended JPM conditional upon a breakthrough at $34. The break occurred shortly afterward on Jan. 3, confirming a double-bottom and a major change in trend from bear to bull market for the stock.
On Feb. 27, the stock broke from a shallow step-up above $38 that, along with a new buy from the stochastic, signals the stock is headed higher. The price target for JPM is $48.
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