Nomura Securities on U.S. Brokers and Universal Banks
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Price: $362.84 -0.07%
Rating Summary:
22 Buy, 25 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
22 Buy, 25 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities on U.S. Brokers and Universal Banks by Glenn Schorr
Nomura's Schorr said, "While it’s early, 2Q11 is off to a somewhat sluggish start. In terms of 1Q, trading rebounded from 4Q, with FICC and Equity trading at the 5 large U.S. investment banks up 105% and 33% q/q respectively; however, both were down by 21% and 2% y/y respectively. IB revenue slid 16% from a very strong 4Q10 and was up 10% y/y. JPMorgan (NYSE: JPM) was again the positive outlier in FICC trading and GS retained the top spot in equity trading. MS showed some improvement, although it has more work to do. Despite investors remaining wary of financials given uncertainties, we still see attractive upside in Citi (NYSE: C), Goldman Sachs (NYSE: GS), and JPM (all Buy rated) over the next 12 months as book should continue to grow and regulatory unknowns (like the SIFI buffer) should be resolved."
Nomura's Schorr said, "While it’s early, 2Q11 is off to a somewhat sluggish start. In terms of 1Q, trading rebounded from 4Q, with FICC and Equity trading at the 5 large U.S. investment banks up 105% and 33% q/q respectively; however, both were down by 21% and 2% y/y respectively. IB revenue slid 16% from a very strong 4Q10 and was up 10% y/y. JPMorgan (NYSE: JPM) was again the positive outlier in FICC trading and GS retained the top spot in equity trading. MS showed some improvement, although it has more work to do. Despite investors remaining wary of financials given uncertainties, we still see attractive upside in Citi (NYSE: C), Goldman Sachs (NYSE: GS), and JPM (all Buy rated) over the next 12 months as book should continue to grow and regulatory unknowns (like the SIFI buffer) should be resolved."
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