UOB - UOB target cut to $22 from $26 by JPMorgan

Stock Name: UOB
Company Name: UNITED OVERSEAS BANK LTD
Research House: JP Morgan Chase

JPMorgan cuts UOB (U11.SG) target price to $22.00 from $26.00 after lowering FY10-12 earnings estimates by 2%-12% to factor in lower margin assumptions, according to Dow Jones.



JPMorgan is keeping Overweight call. Notes bank plans to protect margins by focusing on quality loan growth instead of chasing volume. Tips inorganic expansion as catalyst for shares in near term, with healthy capital adequacy ratios, limited organic growth prompting bank to evaluate opportunities in wealth management segment.=



Shares +0.2% at $18.46.