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Brokers Lower After Oppenheimer's Whitney Slashes Estimates Again
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US Brokers are lower today after influential analyst Oppenheimer's Meredith Whitney cut earnings estimates on a number of firms, including: Goldman Sachs (NSYE: GS), Lehman Brothers (NYSE: LEH), Merrill Lynch (NYSE: MER) and Morgan Stanley (NYSE: MS).
Whitney said the outlook for the group is worse than the market is reflecting. She said capital market activity has continued to be slow in the quarter.
Whitney cut quarterly EPS estimates on Merrill from $1 to $0.20, on Goldman from $4.09 to $3.48, on Lehman from $1.10 to $0.72 and on Morgan Stanley from $1.44 to $0.94.
Whitney has a Market Perform rating on Goldman, Lehman and Morgan Stanley. She rates Merrill an Underperform.
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