Whitney Cuts Goldman, Morgan Profit Estimates
Meredith Whitney Advisory Group cut its earnings estimates for Goldman Sachs and Morgan Stanley Thursday.
The research and strategy company now expects Goldman to earn $6 a share in the fourth quarter, down from a previous estimate of $6.38 a shares. On average, analysts surveyed by Thomson Reuters are expecting earnings of $5.59 a share.
For 2009, Whitney Advisory predicts Goldman earnings of $19.57, down from a previous estimate of $19.95. For 2010 it now forecasts a profit of $16.75 a share, down from its earlier estimate of $21.73 a share. And for 2011 the company lowered its estimate to $20.60 a share, down from $24.04 a share.
For Morgan Stanley, the company cut its 2010 estimates to $2.60 a share from $2.63 a share. For 2011 it lowered its profit estimates to $2.75 a share from $3.28 a share.
It also set an earnings estimate of $2.90 a share for Morgan Stanley for 2012.
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