Deutsche Bank Slashes Estimates/Target on Lehman Bros (LEH)
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This morning, Deutsche Bank lowered estimates and its price target on Lehman Brothers (NYSE: LEH), citing what the expected to be greater than expected mark-to-market losses and higher than expected expenses.
The firm cut Q1 EPS estimates from $1.02 to $0.57, 2008 from $6.15 to $4.10 and 2009 from $7.20 to $6.45. The firm slashed its price target from $75 to $54.
The firm expects Lehman to reports 1st-half mark downs of about $4.6B (including about $2.3B in Q1), due to leverage loans, CMBS, subprime/Alt-A and European whole loans.
Deutsche Bank Mike Mayo said, "Our reductions reflect some of what has already been known and probably discounted to a large degree in stocks, but probably not to the magnitude previously expected."
Mayo is maintaining his Buy rating. [LJ]
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