UPDATE: Rafferty Capital Upgrades JPMorgan Chase On Strong Earnings Report

In a report released Tuesday, Rafferty Capital Markets analyst Dick Bove upgraded JPMorgan Chase (NYSE: JPM) from Hold to Buy and increased his firm's price target from $62.00 to $68.00.

The Rafferty note is based on JPMorgan's Q2 2014 earnings release Tuesday. Bove favored JP Morgan's performance during its Q2, with increasing revenue and guidance. JPMorgan increased its 2014 EPS estimates from $5.36 to $5.67 per share.

Bove is bullish on JPMorgan's performance within its different segments, with mortgage applications increasing by 15 percent in the quarter, a slight increase in auto loans and commercial banking lending increasing by 3.3 percent.