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JPMorgan Chase: Thesis Playing Out

For Q1'15, JPMorgan Chase (NYSE:JPMreported quarterly results that easily surpassed analyst estimates. Despite the low interest rate environment, the bank produced solid results due to lower costs and a reduced level of legal fees. With the stock up over 2% following the earnings beats should investors chase the stock higher?

The bank produced earnings of $1.45 or $1.58 excluding legal expenses of $487 million. The numbers easily surpassed $1.40 estimated by analysts. JPMorgan grew earnings 13% from the $1.28 produced last Q4 primarily due to the ability to grow fee income while maintaining expense levels. In fact, removing the legal costs, the bank actually saw non-interest expense decline $402 million from the prior year period to $14.2 billion. Read more