Nomura Securities on Brokers & Asset Managers: Estimate Revisions Part II
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4 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on Brokers & Asset Managers: Estimate Revisions Part II
Analyst, Glenn Schorr, said, "1Q12 was fun while it lasted, but the bloom is certainly off the rose so far in 2Q12, as capital markets trends have faltered. Macro concerns have led to soft investment banking, weak trading and slipping risk-asset prices. We seem to be well on our way to another one and done year for the capital markets and investors have quickly pulled back exposure to capital markets stocks. After outperforming in 1Q12, the capital markets stocks have meaningfully underperformed the market in 2Q12 (trust banks have fared best, -11% QTD, while the brokers have fared worst -29%). We have adjusted estimates across the board."
Northern Trust (Nasdaq: NTRS): 2QE EPS from $0.77 to $0.74 vs. Street $0.76; F12E EPS from $2.97 to $2.81 vs. Street $2.98; F13E EPS from $3.40 to $3.20 vs. Street $3.45; PT from $48 to $45
State Street (NYSE: STT): 2QE EPS from $1.01 to $0.97 vs. Street $0.99; F12E EPS from $3.95 to $3.76 vs. Street $3.89; F13E EPS from $4.55 to $4.25 vs. Street $4.52; PT from $50 to $47
Franklin Resources (NYSE: BEN): 2QE EPS from $2.15 to $2.09 vs. Street $2.19; F12E EPS from $9.19 to $8.92 vs. Street $9.23; F13E EPS from $10.42 to $9.91 vs. Street $10.14; PT from $125 to $109
BlackRock (NYSE: BLK): 2QE EPS from $3.29 to $3.31 vs. Street $3.16; F12E EPS from $14.00 to $13.93 vs. Street $13.30; F13E EPS from $15.78 to $15.62 vs. Street $14.91; PT from $221 to $203
Invesco (NYSE: IVZ): 2QE EPS from $0.46 to $0.44 vs. Street $0.46; F12E EPS from $1.93 to $1.85 vs. Street $1.92; F13E EPS from $2.31 to $2.20 vs. Street $2.26; PT from $30 to $26
Legg Mason (NYSE: LM): 2QE EPS from $0.14 to $0.13 vs. Street $0.27; F12E EPS from $1.83 to $1.79 vs. Street $1.82; F13E EPS from $2.35 to $2.31 vs. Street $2.31; PT from $28 to $25
T. Rowe Price (Nasdaq: TROW): 2QE EPS from $0.84 to $0.82 vs. Street $0.82; F12E EPS from $3.31 to $3.23 vs. Street $3.32; F13E EPS from $4.07 to $3.91 vs. Street $3.84; PT from $65 to $59
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Analyst, Glenn Schorr, said, "1Q12 was fun while it lasted, but the bloom is certainly off the rose so far in 2Q12, as capital markets trends have faltered. Macro concerns have led to soft investment banking, weak trading and slipping risk-asset prices. We seem to be well on our way to another one and done year for the capital markets and investors have quickly pulled back exposure to capital markets stocks. After outperforming in 1Q12, the capital markets stocks have meaningfully underperformed the market in 2Q12 (trust banks have fared best, -11% QTD, while the brokers have fared worst -29%). We have adjusted estimates across the board."
Northern Trust (Nasdaq: NTRS): 2QE EPS from $0.77 to $0.74 vs. Street $0.76; F12E EPS from $2.97 to $2.81 vs. Street $2.98; F13E EPS from $3.40 to $3.20 vs. Street $3.45; PT from $48 to $45
State Street (NYSE: STT): 2QE EPS from $1.01 to $0.97 vs. Street $0.99; F12E EPS from $3.95 to $3.76 vs. Street $3.89; F13E EPS from $4.55 to $4.25 vs. Street $4.52; PT from $50 to $47
Franklin Resources (NYSE: BEN): 2QE EPS from $2.15 to $2.09 vs. Street $2.19; F12E EPS from $9.19 to $8.92 vs. Street $9.23; F13E EPS from $10.42 to $9.91 vs. Street $10.14; PT from $125 to $109
BlackRock (NYSE: BLK): 2QE EPS from $3.29 to $3.31 vs. Street $3.16; F12E EPS from $14.00 to $13.93 vs. Street $13.30; F13E EPS from $15.78 to $15.62 vs. Street $14.91; PT from $221 to $203
Invesco (NYSE: IVZ): 2QE EPS from $0.46 to $0.44 vs. Street $0.46; F12E EPS from $1.93 to $1.85 vs. Street $1.92; F13E EPS from $2.31 to $2.20 vs. Street $2.26; PT from $30 to $26
Legg Mason (NYSE: LM): 2QE EPS from $0.14 to $0.13 vs. Street $0.27; F12E EPS from $1.83 to $1.79 vs. Street $1.82; F13E EPS from $2.35 to $2.31 vs. Street $2.31; PT from $28 to $25
T. Rowe Price (Nasdaq: TROW): 2QE EPS from $0.84 to $0.82 vs. Street $0.82; F12E EPS from $3.31 to $3.23 vs. Street $3.32; F13E EPS from $4.07 to $3.91 vs. Street $3.84; PT from $65 to $59
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