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Nomura Securities on Brokers and Asset Managers: Adjusting Q2 and FY Estimates

July 2, 2012 8:41 AM EDT Send to a Friend
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Nomura Securities on Brokers and Asset Managers: Adjusting Q2 and FY Estimates

Analyst, Glenn Schorr, said, "Capital markets stocks recovered somewhat in June from their slide in May, although eurozone concerns remained at the forefront, US employment/GDP data were mixed, and capital markets activity was still sluggish. So far, 2012 feels like a repeat of 2010 and 2011, with the repeating pattern of strong 1Qs followed by sluggish trends in 2Q-4Q. Unfortunately, we think the macro overhang will be here for a while and though there could be some catalysts for activity in the near term, we don’t think investors will feel a need to rush back into the stocks in the short term. Among the brokers and universal banks, we favor C, JPM, and Goldman Sachs (NYSE: GS). Among the asset managers, we like Invesco (NYSE: IVZ) (our top pick) and BLK. The trust banks remain our least favorite group given ongoing top-line pressures."

Morgan Stanley (NYSE: MS) (Neutral $15) 2Q EPS from $0.30 to $0.10 (Street at $0.40); F12E EPS from $1.25 to $0.95 (Street $1.22); F13E EPS from $2.30 to $2.20 (Street $2.16)

Bank of America (NYSE: BAC) (Neutral $8.5) 2Q EPS from $0.16 to $0.15 (Street at $0.17); F12E EPS from $0.58 to $0.57 (Street $0.56)

Citi (NYSE: C) (Buy $41) 2Q EPS from $0.96 to $0.91 (Street at $0.95); F12E EPS from $3.94 to $3.90 (Street $3.96); F13E EPS from $4.60 to $4.59 (Street $4.51)

JPMorgan (NYSE: JPM) (Buy $46) 2Q EPS from $0.87 to $0.38 (Street at $0.82); F12E EPS from $4.18 to $3.69 (Street $4.32)

Bank of NY Mellon (NYSE: BK) (Neutral $23) 2Q EPS from $0.54 to $0.53 (Street at $0.53); F12E EPS from $2.13 to $2.12 (Street $2.19); F13E EPS from $2.29 to $2.27 (Street $2.44)

Northern Trust (Nasdaq: NTRS) (Neutral $44) 2Q EPS from $0.74 to $0.73 (Street at $0.76); F12E EPS from $2.81 to $2.77 (Street $2.94); F13E EPS from $3.20 to $3.14 (Street $3.40); PT from $45 to $44

State Street (NYSE: STT) (Neutral $46) F12E EPS from $3.76 to $3.74 (Street $3.86); F13E EPS from $4.25 to $4.22 (Street $4.47); PT from $47 to $46

Franklin Resources (NYSE: BEN) (Neutral $108) 2Q EPS from $2.09 to $2.07 (Street at $2.11); F12E EPS from $8.92 to $8.85 (Street $9.03); F13E EPS from $9.91 to $9.79 (Street $9.86); PT from $109 to $108

Blackrock (NYSE: BLK) (Buy $201) 2Q EPS from $3.31 to $3.29 (Street at $3.10); F12E EPS from $13.93 to $13.82 (Street $13.16); F13E EPS from $15.62 to $15.43 (Street $14.70); PT from $203 to $201

Legg Mason (NYSE: LM) (Neutral $25) F12E EPS from $1.79 to $1.78 (Street $1.81); F13E EPS from $2.31 to $2.29 (Street $2.30)

T Rowe Price (Nasdaq: TROW) (Neutral $59) F13E EPS from $3.91 to $3.92 (Street $3.83)




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Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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JPMorgan, Citi, Morgan Stanley, Bank of America, Nomura

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