Lehman Sees $5.4B In Q2 Write-Downs At Merrill Lynch (MER)
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Lehman Brothers said its expects Merrill Lynch (NYSE: MER) to post $5.4 billion in Q2 write-downs, which was an increase from the firm's prior estimate of $2.4 billion in write-downs.
Lehman cited the Merrill's monoline exposure after recent downgrades.
Lehman also expects Merrill to lose $2.78 per share in the quarter, up from the prior estimate of a $0.64 loss. The price target on Merrill was cut from $47 to $44 and shares are rated Equal-Weight.
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