JPMorgan Chase Price Target Upped On Calmer Europe

NEW YORK (TheStreet) -- Morgan Stanley analyst Betsy Graseck on Thursday raised her price target for JPMorgan Chase (JPM) to $45, "on reduced European risk."

Graseck also said that contrary to the "consensus view that JPM is cutting commercial loan pricing to take share," regulatory data showed that the company's "loan yields are drifting higher," boosting JPMorgan's net interest margin.

The analyst raised her 2013 earnings estimate by two cents to $5.20 a share, while leaving her 2012 EPS estimate unchanged, at $4.46.

JPMorgan Chase's shares closed at $39.95 on Wednesday, returning 21% year-to-date, following a 20% decline in 2011.

JPMorgan's shares were trading for 1.3 times tangible book value according to HighlineFI, and for 8.5 times the consensus 2012 earnings estimate of $4.69, among analysts polled by Thomson Reuters. The consensus 2013 EPS estimate is $5.45.