Barclays on Financial Services/U.S. Brokers: Tracking Q1
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Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays on Financial Services U.S. Brokers, Asset Managers & Exchanges: 1Q12 Tracking to Early-Quarter Views
Analyst, Roger A. Freeman, said, "As expected, we believe the overall business/markets environment in 1Q12 is shaping up to be meaningfully better than the exceptionally weak 4Q11 environment that suffered not only from the normal seasonal slowdown, but a near risk-off mindset among both dealers and investors that had the Street managing businesses defensively to avoid losses, while finding limited opportunity to generate revenue."
"Our core 1Q12E EPS estimate for Goldman Sachs (NYSE: GS) remains unchanged at $3.71, though our GAAP estimate falls to $3.52. The variance vs. our prior estimate primarily relates to the inclusion of DVA (subtracting about $0.19 in EPS). For Morgan Stanley (NYSE: MS) we are lowering our 1Q12E GAAP EPS from $0.41 to a loss of $0.43. Excluding the $2.0bn pretax charge for DVA (~0.71of EPS reduction), we are lowering our 1Q12 core EPS from $0.41 to $0.28."
Barclays lowers FY12 EPS estimate from $12.10 to $11.23; Morgan Stanley lowered from $1.50 to $0.30.
Analyst, Roger A. Freeman, said, "As expected, we believe the overall business/markets environment in 1Q12 is shaping up to be meaningfully better than the exceptionally weak 4Q11 environment that suffered not only from the normal seasonal slowdown, but a near risk-off mindset among both dealers and investors that had the Street managing businesses defensively to avoid losses, while finding limited opportunity to generate revenue."
"Our core 1Q12E EPS estimate for Goldman Sachs (NYSE: GS) remains unchanged at $3.71, though our GAAP estimate falls to $3.52. The variance vs. our prior estimate primarily relates to the inclusion of DVA (subtracting about $0.19 in EPS). For Morgan Stanley (NYSE: MS) we are lowering our 1Q12E GAAP EPS from $0.41 to a loss of $0.43. Excluding the $2.0bn pretax charge for DVA (~0.71of EPS reduction), we are lowering our 1Q12 core EPS from $0.41 to $0.28."
Barclays lowers FY12 EPS estimate from $12.10 to $11.23; Morgan Stanley lowered from $1.50 to $0.30.
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