Goldman Sachs Raises PT On BGCP To $8.50

Goldman Sachs has raised the price target from $8 to $8.50 on BGC Partners

after the company gave more positive guidance heading forward. Says Goldman Sachs, in its report, “We raise our 2Q11 and 2011-2013 estimates for BGCP following an update from BGCP that 2Q11 results were going to reach the upper end of the firm's 2Q guidance range. Our 2Q2011 EPS estimate moves to $0.19 from $0.18 and reflects the upper end of the range for revenue ($335-$350 mn), pre-tax distributable earnings ($52- $58 mn), and post tax dist earnings ($44-$49 mn). We increase our 2011/2012/2013 estimates by $0.02 in each year to $0.72/0.82/0.92 and our 12-month price target moves to $8.50 from $8.00.” Goldman Sachs remains at a Neutral rating on the stock. BGCP closed at $7.81 on Friday.