Market Overview

Atlantic Equities Cuts Estimates on Morgan Stanley and Goldman Sachs; Leading the Banks to Trade Down

Share:
Related XLF
208 Fund Managers With $607B Were Just Surveyed On The Economy
Oppenheimer Offers Deep Technical Dive Into Financials, Says Goldman, JP Morgan, Morgan Stanley 'Top Buy Ideas'
Q1 Earnings Season Over -- Sector Winners And Losers (Seeking Alpha)

Atlantic Equities analyst Richard Statie reiterated an Underweight rating on Morgan Stanley (NYSE: MS) and a Neutral rating on Goldman Sachs (NYSE: GS).

In the report, second quarter EPS estimates were cut on Goldman by 16 percent to $2.70 versus the street estimates of $2.80, while cutting his estimates on Morgan Stanley by 18% to $0.42 versus the street estimates of $0.47.

The drop in estimates was linked to a forecast of investment banking revenue declining by 5 percent, and a drop in trading revenues of 20 percent quarter over quarter.

Following the report, Shares of Goldman Sachs traded down 1.01 percent to $151.52 while Morgan Stanley shares were down 0.44 percent to $24.35.

The financial sector ETF (NYSE: XLF) is currently trading up 0.81 percent to $19.28.

Posted-In: Analyst Color News Analyst Ratings Movers

 

Related Articles (GS + MS)

Around the Web, We're Loving...