Being the first major bank to report earnings has had its ups and downs for JPMorgan (JPM), and it's pretty clear that the market was not overly fond of this bank's over-complicated first quarter results. All of that said, underlying reported results were pretty solid and the bank remains undervalued on the basis of not especially challenging ROE performance in the coming years.
First Quarter Results - Complicated, But Not Bad
Sifting through all of the charges, gains, and items in a major bank's earnings report is a yeoman's task, and JPMorgan's first quarter was no exception. While the bank's results were pretty good relative to sell-side expectations, they weren't so strong on an absolute basis.
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JPMorgan - Big And Complicated, But Still Undervalued
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