Meredith Whitney Upgrades JPMorgan to 'Buy'

Last night (Monday), Meredith Whitney upgraded JPMorgan to a buy. This is her first upgrade of a big bank since the 2009 upgrade of Goldman Sachs .

Whitney told me that despite the fact that nothing is really great at JPM, there is an abundance of evidence that earnings have stabilized.

She is not particularly bullish on any of the businesses, but she still comes up with $4.90 for 2011 (consensus is $4.60) and $5.50 for 2012, both raises. "The risk to the ratings is they will do a big acquisition," she told me.

Whitney has a buy on only two other stocks: Mastercard and Visa .

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