Merrill Lynch Sees More Write-Downs At Lehman (LEH), Cuts Estimates and Price Target
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Merrill Lynch lowers estimates on Lehman Brothers (NYSE: LEH), saying they expect another $2.5 billion in writedowns in Q3.
Merrill's Guy Moszkowski lowered his Q3 EPS estimates on Lehman from a profit of $0.37 to a loss of $1.59. Moszkowski also lowered his price target from $28 to $25.
Moszkowski said Lehman is willing to accept some discount from the wholesale disposition of assets in order to reduce its risk. On a positive note, Moszkowski said Lehman's core business appears intact and there are no signs clients are leaving.
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