Deutsche Bank Cuts Q2 Estimates on Goldman Sachs (GS), Morgan Stanley (MS)
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Rating Summary:
16 Buy, 23 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 9 | Down: 7 | New: 5
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Deutsche Bank is lowering estimates on Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: GS) Friday.
"Given some of the challenging capital market trends thus far in 2Q (sluggish activity levels and weak markets), and the lack of some of the 1Q tailwinds (seasonality, spread tightening, and declining vol), in this week's Compass we are lowering estimates for GS and MS."
For Goldman, Q2 EPS goes to $2.25 from $3.21 versus the consensus of $2.74. For Morgan Stanley, Q2 EPS goes to $0.42 from $0.54 versus the consensus of $0.51.
"While we see some value over the long term, we view the recent sell off as pricing in many of the risks, and prefer GS, given weak activity levels, heightened reg reform, and ongoing macro issues (Euro crisis escalating), we expect investors to remain on the sidelines in the near term," the analyst said.
The firm maintained their Buy rating and $145 price target on Goldman and Hold and $22 price target on Morgan Stanley.
"Given some of the challenging capital market trends thus far in 2Q (sluggish activity levels and weak markets), and the lack of some of the 1Q tailwinds (seasonality, spread tightening, and declining vol), in this week's Compass we are lowering estimates for GS and MS."
For Goldman, Q2 EPS goes to $2.25 from $3.21 versus the consensus of $2.74. For Morgan Stanley, Q2 EPS goes to $0.42 from $0.54 versus the consensus of $0.51.
"While we see some value over the long term, we view the recent sell off as pricing in many of the risks, and prefer GS, given weak activity levels, heightened reg reform, and ongoing macro issues (Euro crisis escalating), we expect investors to remain on the sidelines in the near term," the analyst said.
The firm maintained their Buy rating and $145 price target on Goldman and Hold and $22 price target on Morgan Stanley.
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