JPMorgan Chase (NYSE:JPM) reported Q2 EPS of $1.27, ahead of consensus estimates of $1.21 per share. Revenues for the quarter rose 7% year-over-year to $27.4 billion, topping consensus estimates of $25.1 billion.The bank reduced credit card loan loss reserves by $1.00 billion.Chairman and CEO Jamie Dimon said, "Our second-quarter earnings reflected solid performance across most of our businesses. The Investment Bank delivered strong earnings across most products and maintained its #1 ranking in Global Investment Banking Fees. Commercial Banking reported record revenue and continued loan growth for the quarter. Retail Financial Services demonstrated good underlying performance in Retail Banking but continued to experience high losses for mortgage-related issues."JPMorgan Chase has a potential upside of 38.6% based on a current price of $39.62 and an average consensus analyst price target of $54.92.