BW Online | December 30, 2003 | JP Morgan Ups Charter One Financial to 'Overweight'

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DECEMBER 30, 2003

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WORD ON THE STREET

JP Morgan Ups Charter One Financial to 'Overweight'
Analyst Patricia McInerney says the bank is now the least expensive stock in her coverage

JP Morgan upgraded Charter One Financial (CF ) to overweight from neutral.

Analyst Patricia McInerney assumed coverage of Charter Financial. She says the stock has lagged due to concerns about the company's exposure to mortgage banking and interest rate risk; Charter Financial is now the least expensive stock in her coverage. She believes this is an attractive entry point for the bank with a 10-year track record of 10% earnings growth and strong management.

Looking to 2005 and beyond, she thinks Charter One is better positioned for a rising rate and flattening yield curve environment due to maturing high-cost debt, its ability to grow low-cost, and retail deposits at an above-average rate. She sees 69 cents fourth-quarter 2003 earnings per share, and $2.95 in 2004; she set a $3.15 2005 price target.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report.
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