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

Article Stock Quotes (13) Comments (0)

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)

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Morgan Stanley Maintains Bullish Stance on Walter Energy (WLT)
• Wells Fargo Cuts Comerica (CMA) and First Horizon National (FHN) to Underperform
• UPDATE: Canaccord Genuity Starts T-Mobile US, (TMUS) at Hold

Create E-mail Alert Related Categories

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

Related Entities

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

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?