Deutsche Bank Cuts Estimates/Target on Goldman Sachs (GS)
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This morning, Deutsche Bank lowered estimates and its price target on Goldman Sachs (NYSE: GS), saying they expect additional 1H08 mark-to-market losses and a weaker operating environment for longer than expected.
The firm cut 2008 EPS estimates from $18.70 to $14.65 and 2009 estimates from $22.50 to $16.05. The firm cut their price target from $245 to $207.
The firm expects Goldman to report inventory mark downs totaling almost $5B in in the 1st half, including $3.5 billion in Q1, due to leverage loans, CMBS, and principal investments, including ICBC and SMFG and other equity investments.
Analyst Mike Mayo said, "We expect many of the losses should be transitory in nature and could reverse if and when the credit markets stabilize. Goldman has scale, a global footprint, and unique inroads among corporate clients."
Mayo is maintaining his Buy rating.
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