Sterne Agee Cuts Q3 Earnings Estimates on JPMorgan (JPM), Citi (C), BofA (BAC)

Citing sluggish capital markets and a poor outlook for underwriting, advising and asset management, Sterne Agee's Todd Hagerman cut third-quarter estimates on JPMorgan (NYSE: JPM), Citi (NYSE: C), and Bank of America (NYSE: BAC) Thursday.

The analyst reduced his quarterly EPS estimate on JPMorgan from $1.17 to $0.85, which compares to the Street consensus of $1.04. Hagerman maintains a Buy rating and $41 price target on the stock. Shares of JPM are down roughly 4.5 percent this afternoon.

Hagerman's estimate on Citi lowered from $0.93 to $0.84, vs. an analyst estimate of $0.88. The Sterne Agee analyst reaffirmed a Buy rating and $55 price target on shares of Citi. Stock down 7.3 percent at last check.

For BofA, Hagerman now expects Q3 earnings of $0.13 per share, down from $0.17 per share previously. Sterne Agee maintains a Neutral rating and reduced its price target on BofA from $9 to $7. Shares of BofA are trading down 5.5 percent.

The Financial Select Sector SPDR ETF (NYSE: XLF) is currently down 2.9 percent.

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