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Nomura Securities on Global Capital Markets - Updating Estimates & Price Targets

September 6, 2011 1:54 PM EDT Send to a Friend
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Price: $175.95 --0%

Rating Summary:
    9 Buy, 18 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 16 | Down: 24 | New: 8
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Nomura Securities on Global Capital Markets by Glenn Schorr & Jon Peace

"While trading volumes are trending up in 3Q11 vs. 2Q11, the bulk of trading has been in low margin trades and wider credit spreads. Significantly lower equity markets will likely lead to some mark-to-market pain for the brokers and universal banks. In addition, lower asset levels and outflows from equity mutual funds will weigh on the asset managers and trust banks. We reduced estimates across the board for the remainder of 2011 and also re-set expectations for 2012."

(UPDATE TO EARNINGS & PRICE TARGETS)

Brokers:

Goldman Sachs (NYSE: GS): Price Target to $150 from $170; EPS 2011E to $6.90 from $9.69, 2012E to $13.50 from $15.00.

Morgan Stanley (NYSE: MS): Price Target to $20 from $27; EPS 2011E to $0.83 from $1.22, 2012E to $2.00 from $2.50.

Universal Banks:

BofA (NYSE: BAC): Price Target to $9 from $11; EPS 2011E to $(0.33) from $(0.21), 2012E to $1.30 from $1.60.

Citi (NYSE: C): Price Target to $44 from $50; EPS 2011E to $3.83 from $4.10, 2012E to $4.90 from $5.55.

JPMorgan (NYSE: JPM): Price Target to $49 from $50; EPS 2011E to $4.92 from $5.05, 2012E to $5.45 from $5.60.

Trust Banks:

Bank of NY (NYSE: BK): Price Target to $24 from $28; EPS 2011E to $2.23 from $2.35, 2012E to $2.30 from $2.70.

Northern Trust (Nasdaq: NTRS): Price Target to $43 from $48; EPS 2011E to $2.62 from $2.73, 2012E to $3.10 from $3.45.

State Street (NYSE: STT): Price Target to $41 from $48; EPS 2011E to $3.62 from $3.75, 2012E to $3.70 from $4.35.

Asset Managers:

Franklin Resources (NYSE: BEN): Price Target to $141 from $142; EPS 2011E to $8.78 from $8.95, 2012E to $9.37 from $9.83.

BlackRock (NYSE: BLK): Price Target to $200 from $232; EPS 2011E to $11.62 from $12.06, 2012E to $13.31 from $14.50.

Invesco (NYSE: IVZ): Price Target to $24 from $28; EPS 2011E to $1.70 from $1.76, 2012E to $1.85 from $2.00.

Legg Mason (NYSE: LM): Price Target to $30 from $33; EPS 2011E to $1.69 from $1.80, 2012E to $2.21 from $2.45.

T Rowe Price (Nasdaq: TROW): Price Target to $59.50 from $64; EPS 2011E to $3.04 from $3.11, 2012E to $3.40 from $3.65.




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