Deutsche Bank Slashes Estimates On Goldman Sachs (GS), Citing Real Estate Losses
More News related to GS
- Telegent Systems Files Registration Statement for Proposed Initial Public Offering
- Some Goldman Sachs Shareholders Want a Bigger Piece of the Pie
- Meredith Whitney Thinks Paulson's Timing On a BofA (BAC) Double May Be Wrong
- Option volume leaders today according to Track Data are: BAC GE C GS
- John Paulson Thinks Bank of America (BAC) Shares Will Double
More News related to Analyst Comments
- Green Mountain (GMCR) Will Likely Win Diedrich Coffee (DDRX) Bidding War - Analyst
- FBR Capital Raises Estimates & PT on Trina Solar (TSL) following 3Q09 results
- Broadpoint.AmTech Reiterates a 'Buy' on Precision Castparts (PCP); Issues Top Ten for Owning Shares
- Citi Recommends Stocks in Qatar, UAE, Egypt; Believes Middle East Will 'Catch Up' to Emerging Markets
- Broadpoint.AmTech Maintains a 'Buy' on First Solar (FSLR); Lowers PT and Estimates
Deutsche Bank analyst Mike Mayo is lowering estimates again on Goldman Sachs (NYSE: GS), saying he is incrementally more concerned about losses related to real estate after speaking with the firm's Senior REIT analyst, Lou Taylor.
Mayo is lowering Q4 from a loss of $0.65 to a loss of $3.86, 2009 from $8.45 to $7.10, 2010 from $9.20 to $7.85 and their price target from $113 to $97.
On the real estates losses, Mayo said, "According to Lou Taylor, cap rates have increased an est. 100-200bps, while core cashflow has declined by about 5-10% across segments (Note that there are no transactions to determine cap rates and it is simply his best estimate as to where they will be when debt markets thaw and transactions resume). Assuming GS cashflow is down 10% and cap rates increased by 2%, the value of GS real estate holdings would have declined by $1.3B, vs. our prior est. of down $500 mil."
Goldman Sachs will report Q4 results on Tuesday, December 16th in a release that will be issued at approximately 8:30 am. A conference call will be held at 11:00 am (ET).
Related Categories
Analyst CommentsStocks Mentioned
-2.21Related Entities
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!
