Barclays on U.S. Brokers, Asset Managers and Exchanges: Q2 Review - Cutting MS & GS Estimates on Continued Slowdown

Barclays on U.S. Brokers, Asset Managers and Exchanges

Analyst, Roger A. Freeman, had expected a seasonal slowdown and even a step back after a very strong first quarter. However, activity levels are down even more than anticipated. And, the past few summers haven't had as much world economic uncertainty (Europe), plus a Wall Street darling (JPMorgan (NYSE: JPM)) throwing fuel into the fire.

Therefore, Barclays has lowered estimates on Equalweight-rated Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS).

GS: Q2 EPS estimate cut from $2.46 to $0.90, FY12 from $12.31 to $9.78 and FY13 from $14.15 to $12.45

MS: Q2 from $0.36 to $0.34, but FY12 raised from $0.98 to $1.08, but FY13 lowered from $2.30 to $2.08.

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