Nomura Securities on Brokers & Asset Managers: Estimate Revisions Part I
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Rating Summary:
7 Buy, 18 Hold, 2 Sell
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Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
7 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade GS Now!
Nomura Securities on Brokers & Asset Managers: Estimate Revisions Part I
Analyst, Glenn Schorr, said, "1Q12 was fun while it lasted, but the bloom is certainly off the rose so far in 2Q12, as capital markets trends have faltered. Macro concerns have led to soft investment banking, weak trading and slipping risk-asset prices. We seem to be well on our way to another “one and done” year for the capital markets and investors have quickly pulled back exposure to capital markets stocks. After outperforming in 1Q12, the capital markets stocks have meaningfully underperformed the market in 2Q12 (trust banks have fared best, -11% QTD, while the brokers have fared worst -29%). We have adjusted estimates across the board."
Goldman Sachs (NYSE: GS): 2QE EPS from $2.78 to $1.25 vs. Street $2.51; F12E EPS from $12.85 to $10.55 vs. Street $11.87; F13E EPS from $14.00 to $13.00 vs. Street $13.06; PT from $145 to $125
Morgan Stanley (NYSE: MS): 2QE EPS from $0.50 to $0.30 vs. Street $0.52; F12E EPS from $1.50 to $1.25 vs. Street $1.39; F13E EPS from $2.50 to $2.30 vs. Street $2.30; PT from $20 to $15.
Bank of America (NYSE: BAC): 2QE EPS $0.16 vs. Street $0.18; F12E EPS $0.58 vs. Street $0.59; F13E EPS from $1.05 to $0.95 vs. Street $0.99; PT from $10 to $8.50
Citi (NYSE: C): 2QE EPS from $1.02 to $0.96 vs. Street $0.99; F12E EPS from $4.00 to $3.98 vs. Street $4.04; F13E EPS from $4.70 to $4.60 vs. Street $4.63; PT from $47 to $41
JPMorgan (NYSE: JPM): 2QE EPS from $0.94 to $0.87 vs. Street $0.89; F12E EPS from $4.32 to $4.23 vs. Street $4.41; F13E EPS from $5.55 to $5.10 vs. Street $5.34; PT from $50 to $46
Bank of NY Mellon (NYSE: BK): 2QE EPS from $0.57 to $0.54 vs. Street $0.54; F12E EPS from $2.25 to $2.13 vs. Street $2.22; F13E EPS from $2.55 to $2.29 vs. Street $2.49; PT from $26 to $23
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Analyst, Glenn Schorr, said, "1Q12 was fun while it lasted, but the bloom is certainly off the rose so far in 2Q12, as capital markets trends have faltered. Macro concerns have led to soft investment banking, weak trading and slipping risk-asset prices. We seem to be well on our way to another “one and done” year for the capital markets and investors have quickly pulled back exposure to capital markets stocks. After outperforming in 1Q12, the capital markets stocks have meaningfully underperformed the market in 2Q12 (trust banks have fared best, -11% QTD, while the brokers have fared worst -29%). We have adjusted estimates across the board."
Goldman Sachs (NYSE: GS): 2QE EPS from $2.78 to $1.25 vs. Street $2.51; F12E EPS from $12.85 to $10.55 vs. Street $11.87; F13E EPS from $14.00 to $13.00 vs. Street $13.06; PT from $145 to $125
Morgan Stanley (NYSE: MS): 2QE EPS from $0.50 to $0.30 vs. Street $0.52; F12E EPS from $1.50 to $1.25 vs. Street $1.39; F13E EPS from $2.50 to $2.30 vs. Street $2.30; PT from $20 to $15.
Bank of America (NYSE: BAC): 2QE EPS $0.16 vs. Street $0.18; F12E EPS $0.58 vs. Street $0.59; F13E EPS from $1.05 to $0.95 vs. Street $0.99; PT from $10 to $8.50
Citi (NYSE: C): 2QE EPS from $1.02 to $0.96 vs. Street $0.99; F12E EPS from $4.00 to $3.98 vs. Street $4.04; F13E EPS from $4.70 to $4.60 vs. Street $4.63; PT from $47 to $41
JPMorgan (NYSE: JPM): 2QE EPS from $0.94 to $0.87 vs. Street $0.89; F12E EPS from $4.32 to $4.23 vs. Street $4.41; F13E EPS from $5.55 to $5.10 vs. Street $5.34; PT from $50 to $46
Bank of NY Mellon (NYSE: BK): 2QE EPS from $0.57 to $0.54 vs. Street $0.54; F12E EPS from $2.25 to $2.13 vs. Street $2.22; F13E EPS from $2.55 to $2.29 vs. Street $2.49; PT from $26 to $23
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JPMorgan, Citi, Morgan Stanley, Bank of America, Nomura
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