Barclays, Atlantic Analysts Reduce Estimates on US Investment Banks Ahead of Q4 Results (GS)
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Rating Summary:
7 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Several analysts cut estimates on a number of US investment banks Thursday morning.
Barclays' Roger Freeman reduced estimates on Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) amid soft investment banking and trading revenue. The analyst sees Goldman reporting fourth-quarter earnings of 75 cents per share, down from $1.75 per share previously and compared to the current Street estimate of $2.32. Freeman's quarterly estimate for Morgan Stanley moved from a gain of 22 cents per share to a loss of 81 cents per share (which includes a 63 cent per share charge related to MBIA).
Freeman maintains Equalweight ratings on both stocks.
Atlantic Equities' Richard Staite also cited continued weakness in the investment bank and trading segments. The analyst sees these units performing near the same depressed levels of the third quarter. Despite the concern, Staite notes he expects a relatively upbeat tone on 2012 from JPMorgan (NYSE: JPM) and Citi (NYSE: C). The analyst is not so optimistic about 2012 for Goldman, Morgan Stanley and BofA (NYSE: BAC).
Staite's quarterly EPS estimate on Goldman moved from $2.24 to 90 cents, while his estimate on Morgan Stanley was slashed from a gain of 31 cents to a loss of 51 cents. The analyst now sees JPMorgan posting fourth-quarter earnings of 95 cents per share, down from $1.05 per share previously. Citi will report a profit of about 49 cents per share according to Freeman, down from 89 cents previously. Freeman expects BofA's profit to come in around 26 cents per share, up from a prior estimate of 17 cents per share.
The Street is expecting fourth-quarter earnings of 95 cents per share at JPMorgan, 81 cents per share at Citi and 19 cents per share from BofA.
Staite has Overweight ratings on JPMorgan and Citi, and Neutral ratings on BofA, Morgan Stanley and Goldman.
Each of the above banks will report about mid way through January. Stay tuned to StreetInsider.com's EPS Insider for all the latest earnings news.
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Barclays' Roger Freeman reduced estimates on Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS) amid soft investment banking and trading revenue. The analyst sees Goldman reporting fourth-quarter earnings of 75 cents per share, down from $1.75 per share previously and compared to the current Street estimate of $2.32. Freeman's quarterly estimate for Morgan Stanley moved from a gain of 22 cents per share to a loss of 81 cents per share (which includes a 63 cent per share charge related to MBIA).
Freeman maintains Equalweight ratings on both stocks.
Atlantic Equities' Richard Staite also cited continued weakness in the investment bank and trading segments. The analyst sees these units performing near the same depressed levels of the third quarter. Despite the concern, Staite notes he expects a relatively upbeat tone on 2012 from JPMorgan (NYSE: JPM) and Citi (NYSE: C). The analyst is not so optimistic about 2012 for Goldman, Morgan Stanley and BofA (NYSE: BAC).
Staite's quarterly EPS estimate on Goldman moved from $2.24 to 90 cents, while his estimate on Morgan Stanley was slashed from a gain of 31 cents to a loss of 51 cents. The analyst now sees JPMorgan posting fourth-quarter earnings of 95 cents per share, down from $1.05 per share previously. Citi will report a profit of about 49 cents per share according to Freeman, down from 89 cents previously. Freeman expects BofA's profit to come in around 26 cents per share, up from a prior estimate of 17 cents per share.
The Street is expecting fourth-quarter earnings of 95 cents per share at JPMorgan, 81 cents per share at Citi and 19 cents per share from BofA.
Staite has Overweight ratings on JPMorgan and Citi, and Neutral ratings on BofA, Morgan Stanley and Goldman.
Each of the above banks will report about mid way through January. Stay tuned to StreetInsider.com's EPS Insider for all the latest earnings news.
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JPMorgan, Citi, Morgan Stanley, Bank of America, Barclays, Earnings
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