) to sell from hold.
Analyst Michael Mayo says the stock is back to initiation price, but core earnings per share and asset quality have been worse than expected. He says the consensus EPS estimate seems high. Mayo thinks the slower economy should cause problem loans to continue to increase. He believes it will likely take longer for the firm to synchronize its many parts to deliver the revenue clout the JP Morgan-Chase merger was predicated on. For the first four months of the year, its ranking in global debt/equity underwriting fees declined from sixth to seventh. The analyst has a $40 downside target on the stock.