UPDATE - Nomura Securities on Brokers & Asset Managers: Cutting Estimates: Sluggish 4Q and Beyond
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Rating Summary:
7 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 1 | New: 1
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UPDATE - Nomura Securities on Brokers & Asset Managers: Cutting Estimates: Sluggish 4Q and Beyond
Analyst, Glenn Schorr, said, "Despite a rise in equity prices, trading and investment banking activity has remained sluggish so far in 4Q11. With the usually slower holiday season coming, we see little sign that activity will pick up as we close out 2011. We also expect 2012 activity levels to be impacted by the expected slowdown in Europe and remaining regulatory uncertainty. Given this backdrop, we adjusted our 4Q11 and full year estimates and also adjusted price targets on several of the capital market stocks we cover. Asset managers remain our favorite sector and we remain Neutral on Trust banks. We continue to believe the risk/reward to owning U.S. financials over the next 12 months is positive."
Goldman Sachs (NYSE: GS): 2012E EPS from $12.75 to $11.50, 2013E from $15.00 to $14.00, PT from $141 to $130.
Morgan Stanley (NYSE: MS): 2012E EPS from $1.75 to $1.55, 2013E from $2.20 to $2.10, PT from $20 to $18.
Bank of America (NYSE: BAC): 2012E EPS from $1.15 to $1.00, 2013E from $1.55 to $1.20, PT from $8 to $7.
Citi (NYSE: C): 2012E EPS from $4.25 to $4.00, 2013E from $5.00 to $4.70, PT from $38 to $36
Bank of NY (NYSE: BK): 2012E EPS from $2.30 to $2.20, 2013E from $2.65 to $2.45, PT from $24 to $23
Northern Trust (Nasdaq: NTRS): 2012E EPS from $3.05 to $3.00, 2013E from $3.50 to $3.35, PT from $43 to $42
State Street (NYSE: STT): 2012E EPS from $3.77 to $3.75, 2013E from $4.42 to $4.40
Franklin Resources (NYSE: BEN): 2012E EPS from $8.93 to $8.74, 2013E from $9.54 to $9.34, PT from $116 to $105
Legg Mason (NYSE: LM): 2012E EPS from $2.31 to $2.10, 2013E from $2.54 to $2.36, PT from $31 to $27
T. Rowe Price (Nasdaq: TROW): 2012E EPS from $3.37 to $3.26, 2013E from $3.94 to $3.85, PT from $57 to $55
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Analyst, Glenn Schorr, said, "Despite a rise in equity prices, trading and investment banking activity has remained sluggish so far in 4Q11. With the usually slower holiday season coming, we see little sign that activity will pick up as we close out 2011. We also expect 2012 activity levels to be impacted by the expected slowdown in Europe and remaining regulatory uncertainty. Given this backdrop, we adjusted our 4Q11 and full year estimates and also adjusted price targets on several of the capital market stocks we cover. Asset managers remain our favorite sector and we remain Neutral on Trust banks. We continue to believe the risk/reward to owning U.S. financials over the next 12 months is positive."
Goldman Sachs (NYSE: GS): 2012E EPS from $12.75 to $11.50, 2013E from $15.00 to $14.00, PT from $141 to $130.
Morgan Stanley (NYSE: MS): 2012E EPS from $1.75 to $1.55, 2013E from $2.20 to $2.10, PT from $20 to $18.
Bank of America (NYSE: BAC): 2012E EPS from $1.15 to $1.00, 2013E from $1.55 to $1.20, PT from $8 to $7.
Citi (NYSE: C): 2012E EPS from $4.25 to $4.00, 2013E from $5.00 to $4.70, PT from $38 to $36
Bank of NY (NYSE: BK): 2012E EPS from $2.30 to $2.20, 2013E from $2.65 to $2.45, PT from $24 to $23
Northern Trust (Nasdaq: NTRS): 2012E EPS from $3.05 to $3.00, 2013E from $3.50 to $3.35, PT from $43 to $42
State Street (NYSE: STT): 2012E EPS from $3.77 to $3.75, 2013E from $4.42 to $4.40
Franklin Resources (NYSE: BEN): 2012E EPS from $8.93 to $8.74, 2013E from $9.54 to $9.34, PT from $116 to $105
Legg Mason (NYSE: LM): 2012E EPS from $2.31 to $2.10, 2013E from $2.54 to $2.36, PT from $31 to $27
T. Rowe Price (Nasdaq: TROW): 2012E EPS from $3.37 to $3.26, 2013E from $3.94 to $3.85, PT from $57 to $55
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