Citi Reiterates Buy on JP Morgan Chase

Citi is out with its report today on JP Morgan Chase (NYSE: JPM), reiterating Buy.

In a note to clients, Citi writes, "We rate the shares of JP Morgan Chase Buy/Medium Risk (1M). We view JP Morgan as a well-managed franchise and believe its strong capital position and recent acquisitions of Bear Stearns and Washington Mutual will allow management to grow its market share in key businesses long term, despite today's tough economic environment."

Citi maintains a $54 PT on JPM.

At the time of posting, shares of JPM were trading at $40.38, up 0.07% from Thursday's close.