UBS on Financial Stocks: All Over Again - Cutting Estimates and Price Targets
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Price: $61.69 -0.27%
Rating Summary:
26 Buy, 18 Hold, 2 Sell
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
26 Buy, 18 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UBS on Financial Stocks: All Over Again
Analyst, Brennan Hawken, said, "We are lowering our 2Q estimates for the group, reflecting the difficult capital markets environment and a reduced ability to offset weak revenues through reduced comp accruals. However, we are not adjusting our estimates for future periods at this point, as we believe our outlook is realistic if sentiment improves (likely thanks to policy decisions, i.e. the response to the LTRO)."
"We are also lowering our price targets for Bank of America (NYSE: BAC), Citi (NYSE: C), and Goldman Sachs (NYSE: GS) due to the increased uncertainty risk in the market (we had recently lowered JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) PTs). However, the average valuation of our universe is 64% TBV, approaching the 59% trough from last fall. Even though headwinds abound, we do not believe market conditions are as bad as 2H11, suggesting current valuations could prove attractive."
Analyst, Brennan Hawken, said, "We are lowering our 2Q estimates for the group, reflecting the difficult capital markets environment and a reduced ability to offset weak revenues through reduced comp accruals. However, we are not adjusting our estimates for future periods at this point, as we believe our outlook is realistic if sentiment improves (likely thanks to policy decisions, i.e. the response to the LTRO)."
"We are also lowering our price targets for Bank of America (NYSE: BAC), Citi (NYSE: C), and Goldman Sachs (NYSE: GS) due to the increased uncertainty risk in the market (we had recently lowered JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS) PTs). However, the average valuation of our universe is 64% TBV, approaching the 59% trough from last fall. Even though headwinds abound, we do not believe market conditions are as bad as 2H11, suggesting current valuations could prove attractive."
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