Despite some lackluster trading, a pretty big tax reform-related charge, and making a real bad loan to a South African mattress concern, JPMorgan chase managed to eke out a pretty serviceable Q4 2017. Overall, consensus on The Street seems to have been that JPM could have done better but it also could have done worse.
The bank's stock price gained a little bit after the release of its results, proof to many that Jamie Dimon and his flock weathered a weird quarter. Flinty-eyed bank analysts were quick to recognize that the bank would benefit from the Trump tax cuts in 2019, but many also voiced concerns about trading revenue going forward.
But one man, one very special man, went on CNBC and took a more expansive view of the bank's positioning, and reportedly came away realizing that he not only likes JPM, he "likes likes" it...like, more than a friend.
In the wake of fourth-quarter earnings that beat Wall Street expectations despite a weak trading environment and a writedown from tax reform legislation, [Dick] Bove, of the Vertical Group, said the biggest U.S. bank is poised for big gains ahead.
In fact, he raised its price target to $128.45, a level that suggests a 14 percent gain from Tuesday's opening.
"My view of this company is that it is probably the best bank I have ever followed in 5 decades of analyzing companies," Bove told clients in a note.
Bove went on to shower JPM with fulsome bullet points of praise. He went on so long, in fact, that Becky Quick had to cut him off and basically ask "Damn, Dick, why you so thirsty?" (Watch the video, it's great.)
While we have yet to see Bove's note on Citi's most recent quarter, we have to assume that he's going to hit it with a withering version of "I mean, Citi is cute, if you're into that kind of thing."