Nomura Securities on U.S. Brokers & Universal Banks: Bullish, But Trimming Estimates
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Rating Summary:
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Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities on U.S. Brokers & Universal Banks
Nomura analyst, Glenn Schorr, said, "In our capital markets monthly, we preview 1Q earnings as we believe it was a frustrating quarter as investors were optimistic on financial stocks being the last cheap cyclicals with the potential catalysts of a strong 1Q and capital returns in the U.S. We trim 1Q ests for almost all the brokers, universal banks, trust banks, and asset managers. Many full year ests were also adjusted downward, with a few exceptions. Of note, we lowered Goldman Sachs (NYSE: GS) 2011 EPS to $14.30 from $17.15 mainly on the impact of the Berkshire preferred repurchase; raised JPMorgan’s (NYSE: JPM) to $4.75 from $4.68 on expected share repurchases; and lowered Northern Trust (Nasdaq: NTRS) to $3.05 from $3.20. We see value in the Asset Managers, while GS is looking attractive going into results."
Nomura analyst, Glenn Schorr, said, "In our capital markets monthly, we preview 1Q earnings as we believe it was a frustrating quarter as investors were optimistic on financial stocks being the last cheap cyclicals with the potential catalysts of a strong 1Q and capital returns in the U.S. We trim 1Q ests for almost all the brokers, universal banks, trust banks, and asset managers. Many full year ests were also adjusted downward, with a few exceptions. Of note, we lowered Goldman Sachs (NYSE: GS) 2011 EPS to $14.30 from $17.15 mainly on the impact of the Berkshire preferred repurchase; raised JPMorgan’s (NYSE: JPM) to $4.75 from $4.68 on expected share repurchases; and lowered Northern Trust (Nasdaq: NTRS) to $3.05 from $3.20. We see value in the Asset Managers, while GS is looking attractive going into results."
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