JPMorgan (NYSE:JPM) Gets Love from Meredith Whitney

For the first time in over a year, Meredith Whitney has upgraded a financial stock to "Buy," this time JPMorgan (NYSE:JPM).

Interestingly, Whitney sees little at JPMorgan that excites her, as far as something happening that generated her upgrade, other than saying it appears earnings at the financial giant have stabilized.

Whitney has generated a lot of opposition and negative response to her recent announcement she believes there are huge dangers of the municipal bond market collapsing, something Everything Gold agrees with.

For 2011, Whitney sees JPMorgan with earnings of $4.90, well of above the consensus of $4.60. She also sees $5.50 for 2012.

Talking to CNBC's Bob Pisani, Whitney did not risk in her earnings estimates, saying "The risk to the ratings is they will do a big acquisition."

The last time she gave an upgrade to a large cap bank was a 2009 boost for Goldman Sachs (NYSE:GS).

Along with JPMorgan now, the only other stocks Meredith Whitney has a "Buy" rating on are Visa (NYSE:V) and Mastercard (NYSE:MA).

JPMorgan was trading at $44.79, down $0.12, or 0.27 percent, as of 12:41 PM EST.