Deutsche Bank Cuts Estimates Again on Morgan Stanley (MS) Ahead of Q4 Results
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Deutsche Bank analyst Mike Mayo is lowering 2009/10 estimates again Morgan Stanley (NYSE: MS) ahead of Q408 earnings results due out on Wednesday, saying the current consensus is too high.
The firm is lowering FY09 EPS from $2.00 to $1.55, $1.23 below the consensus. They are lowering their FY10 EPS estimates from $2.35 to $1.95, which is almost $2 below the consensus.
Mayo is lowering his price target from $26 to $22, maintaining a Hold rating.
Mayo said, "In 2008, Morgan Stanley's core revenue should equal 2007 levels (est.), or 2006 levels including mark-to-market hits. In 2009, we est. that revenues all-in (assuming far less mark-to-market reductions) should equal 2005 revenue levels assuming a decline in core capital markets revenue by about 40%."
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