by Sam Collins | May 8, 2013 1:26 am
JPMorgan Chase & Co. (NYSE:JPM) — In the Top Stocks to Buy list for March 2012, I said, “This global financial services company has assets of over $2.3 trillion and has increased earnings every year since 2008… It is considered the most solid of all major banks by a broad range of analysts.”
When that report was written, the stock was paying a $1 dividend (2.61% yield) and our target price was $48. The company now pays a dividend of $1.52 (3.2% yield), and the stock hit a six-year high of $51 on March 14. Consensus earnings are estimated at $5.66 in 2013 and $5.94 in 2014.
The stock is consolidating in a bullish “V” pattern and holding above its major bullish support line at over $46. On Tuesday, it closed above its 50-day moving average (blue line) for the third time. Profit-taking has been offset by buying since the top in March.
Normally, the third or fourth run against the 50-day moving average leads to the prior high and eventually to a new breakout. Buy JPM now for a trade to $55. Long-term investors could see much higher prices.
Source URL: https://investorplace.com/2013/05/trade-of-the-day-jpmorgan-chase-co-nyse-jpm/
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