Citi Raises Goldman, JPMorgan Targets, Estimates Into Q1; Less Confident in Morgan Stanley, BofA, Lazard (GS) (JPM) (MS) (BAC) (LAZ)

Citi's Keith Horowitz revised estimates and price targets on several stocks in the Bank sector Thursday morning. Although the analyst said the first quarter seems to be panning out well amid solid fixed-income trading, he believes upside in these stocks will likely be limited given strong upside so far this year.

The analyst said he likes Goldman Sachs (NYSE: GS) and JPMorgan (NYSE: JPM) heading into the quarter. His least favorite is Lazard (NYSE: LAZ).

• Goldman Sachs price target raised from $135 to $145, Buy rating maintained. Q1 EPS estimate raised from $3.56 to $4 amid strong performance in the firm's Fixed Income unit.
  
• JPMorgan price target from $45 to $52, Buy maintained. Q1 estimate raised from $1.25 to $1.30.
  
• BofA (NYSE: BAC) $8.50 target, Neutral rating maintained. Q1 estimate slashed from a gain of 7 cents per share to a loss of 6 cents per share. Core earnings are expected to be about 13 cents per share.
  
• Morgan Stanley (NYSE: MS) $18 target, Neutral maintained. Q1 EPS estimate lowered from 56 cents to 41 cents as fixed income is expected to underperform.
  
• Lazard $30 target, Neutral maintained. Estimate lowered from 21 cents to 12 cents per share. A slowdown in M&A and headwinds on deferred comps were cited.

The Financial Select Sector SPDR ETF (NYSE: XLF) is underperforming the broader market Thursday afternoon. The fund is down about 1.6 percent, compared to a 0.9 percent decline in the S&P 500.

Shares of Morgan Stanley are leading the Bank group lower, currently down 3.7 percent. BofA shares are down about 2.5 percent, Lazard shares are down 2.3 percent, Goldman stock is down 2.2 percent and shares of JPMorgan are down about 1.8 percent.

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