Keefe, Bruyette & Woods Maintains a 'Market Perform' on Thomas Weisel Partners (TWPG); Lowers Estimates

October 8, 2009 7:44 AM EDT

Keefe, Bruyette & Woods maintains a 'Market Perform' and $5 price target on Thomas Weisel Partners (Nasdaq: TWPG).

Keefe analyst says, "We are leaving unchanged our 3Q09 estimate of ($0.36) but lowering 4Q09 from ($0.26) to ($0.30) and our 2009 estimate therefore from ($1.58) to ($1.62). TWPG is not in any of the fixed income businesses, so being largely "equity centric", it won't get the lift many others will this quarter given strong market conditions. We are also lowering our 2010 estimate at this time from ($0.12) to ($0.17) on lower revenue est...We are estimating net revenues of approximately $40-$40.5 million, down 17% sequentially and compared to $49.1 million in the year-ago quarter. We are estimating brokerage revenues to be down sequentially due to seasonality and a lighter capital raising calendar versus 2Q09 at $28.8 million."

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• Keefe, Bruyette & Woods
• Thomas Weisel Partners Group

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