Citigroup Slashes Q3 Bank Earnings Estimates by 45% (GS) (MS) (JPM)
Tweet Send to a Friend
Get Alerts C Hot Sheet
Price: $50.52 -0.02%
Rating Summary:
18 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
18 Buy, 3 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade C Now!
Analysts at Citigroup (NYSE: C) have reduced its third quarter profit estimates for banks on average by 45 percent.
The reduction in the estimates is largely due to the volatility in the credit markets and concerns over the global equities rout. The bank now forecasts earnings per share of $0.25 for Morgan Stanley (NYSE: MS), $0.10 for Goldman Sachs (NYSE: GS) and $1.17 for JP Morgan (NYSE: JPM), all considerably down from their previous estimates.
Citigroup has also lowered its two year outlook due to macroeconomic concerns and uncertainties in the new regulation and capital requirements for banks. The only bank in which Citigroup raised its estimates on is Bank of America (NYSE: BAC). The increase reflects the sale of its stake in the China Construction Bank. Citi now estimates that BAC will report earnings of $0.61 for the quarter, up from its previous estimate of $0.18.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The reduction in the estimates is largely due to the volatility in the credit markets and concerns over the global equities rout. The bank now forecasts earnings per share of $0.25 for Morgan Stanley (NYSE: MS), $0.10 for Goldman Sachs (NYSE: GS) and $1.17 for JP Morgan (NYSE: JPM), all considerably down from their previous estimates.
Citigroup has also lowered its two year outlook due to macroeconomic concerns and uncertainties in the new regulation and capital requirements for banks. The only bank in which Citigroup raised its estimates on is Bank of America (NYSE: BAC). The increase reflects the sale of its stake in the China Construction Bank. Citi now estimates that BAC will report earnings of $0.61 for the quarter, up from its previous estimate of $0.18.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- NetApp (NTAP) Tops Q4 EPS by 1c; Boosts Buyback, Plans Job Cuts, Initiates Dividend
- UPDATE: Applied Materials, Inc. (AMAT) Tops Q2 EPS by 3c, Offers Guidance
- Best Buy (BBY) Posts Q1 adj.-EPS of 32c; Comps Down 1.1%
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
JPMorgan, Citi, Morgan Stanley, Bank of America, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
