Richard Bove, an analyst at Rochdale Securities, admitted that he was wrong when assessing the markets reaction to the 'London Whale' story, but today he reiterated his BUY rating on JPMorgan Chase & Co. (NYSE: JPM).

While discussing his views with Betty Liu of Bloomberg Television, he summed up his opinion in the following statement.

"At the end of day, the company is going to make a huge amount of money, the dividend is going to go up, and the stock buy-back programs are going to be in place."

He also surmised that even if the company took a $2 billion dollar hit ever quarter for the rest of the year – an unlikely scenario, the company will still earn a total of $16 billion dollars. That would put JPMorgan’s earnings per share for 2012 at $4 on the low-end and $5.50 on the high-end. So, despite the headlines, he still thinks JPMorgan offers an attractive valuation for investors.

JPMorgan made headlines this week when it made a surprise announcement that it lost $2 billion while attempting to hedge its credit portfolio. A trader nicknamed the 'London Whale' is believed to have played a role in JPMorgan’s ill-fated credit investments.