《大行報告》美銀證券升摩通(JPM.US)目標價至210美元 評級「買入」
美銀證券發表報告指出,在與摩通(JPM.US)行政總裁戴蒙會面前,關注公司幾項反覆出現的關鍵主題。其中,公司行政總裁繼任人對投資者而言是最大的單一風險因素,但該行認為投資者應關注公司下一任行政總裁能否保持或培養人才質素,那正正是現任行政總裁戴蒙任內的標誌。
該行認為,監管前景及資本部署是摩通的重要焦點。公司一直是科技研發領域的領導者,但問題是其能否靠該些投資而擴大在同業的領先地位,推動公司卓越增長 / 市場份額增長,提高特許經營效率。同時,更長時間的高利率或為公司信貸質量帶來負面影響,並損害非銀行業務。
此外,該行指摩通過去三年平均有形資本權益回報率(ROTCE)約20%,高過管理層周期目標的17%。雖然高利率是利好因素,但結構性較高的利率與資本優化結合,能否帶來比目標更好的回報率,值得關注。該行重申對摩通的「買入」評級,目標價由188美元上傳至210美元。
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