Nomura Securities on Global Investment Banks: A 2Q Capital Markets Review
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Price: $131.65 +1.53%
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
31 Buy, 11 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities on Global Investment Banks: A 2Q Capital Markets Review by Glenn Schorr
Schorr said, "Total capital markets revenue declined 22% q/q in 2Q11, driven by a difficult trading environment, partially offset by growth in investment banking. 3Q11 is off to a difficult start as July data showed some normal seasonal slowing, but the equity sell-off in August will likely exacerbate any seasonal pattern and push the equity underwriting and M&A calendar further into the future. Financials remain very under-owned among large actively-managed U.S. equity mutual funds, but despite the low valuations, we believe macro concerns will likely keep buyers on the sideline in the near term. We see attractive value in Citi (NYSE: C), JPMorgan (NYSE: JPM), Goldman Sachs (NYSE: GS), and UBS (NYSE: UBS) (all Buy rated) as the market is baking in very low economic and earnings expectations."
Schorr said, "Total capital markets revenue declined 22% q/q in 2Q11, driven by a difficult trading environment, partially offset by growth in investment banking. 3Q11 is off to a difficult start as July data showed some normal seasonal slowing, but the equity sell-off in August will likely exacerbate any seasonal pattern and push the equity underwriting and M&A calendar further into the future. Financials remain very under-owned among large actively-managed U.S. equity mutual funds, but despite the low valuations, we believe macro concerns will likely keep buyers on the sideline in the near term. We see attractive value in Citi (NYSE: C), JPMorgan (NYSE: JPM), Goldman Sachs (NYSE: GS), and UBS (NYSE: UBS) (all Buy rated) as the market is baking in very low economic and earnings expectations."
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