J.P. Morgan was upgraded to buy from neutral at UBS, as the broker said the current entry point is an attractive entry point that more than reflects the earnings at risk and partially overlooks potential offsets and better footing. "We see current universal bank valuations as an opportunity to get into top quality names, and JPM is as good as it gets. We also feel: the ultimate impact of regulatory reform will be less punitive than initially feared, and JPM has several levers and a broad business mix that should provide some offset; secondary effects from sovereign issues coming out of Europe should be somewhat manageable' and we see further signs of economic improvement and stabilizing consumer credit in the U.S.," the broker said. http://www.marketwatch.com/story/aig-jp-morgan-bp-japanese-politics-in-focus-2010-06-02 Secondary effects from Europe are somewhat manageable...
UBS was upgraded to buy from neutral at J.P. Morgan for exactly and precisely the same "reasons"! :eek: