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Bove Cuts Goldman Sachs Q1 Estimates

Rochdale Securities Analyst Dick Bove cut his estimates for Goldman Sachs Tuesday, because trading activity is below par.

"It looked as if it was going to be a very strong quarter for Goldman Sachs and other companies in the sector," Bove said. "All of a sudden, when the Greece situation developed toward the end of January ... then basically, trading just dried up. Sector by sector you saw a significant decline in trading activity."

As a result, Bove's optimistic estimates "had to go away."

Bove cut his first quarter estimates on Goldman to $3.99 from $4.88. He maintains his buy rating at a $200 price target.

"For the year I'm at $18.04 now and that's simply because I did not cut estimates for the second, third and fourth quarter and I didn't cut the estimates for next year and the year after," Bove said. "In terms of what a multiple should be on Goldman Sachs, you should at least expect a 10 multiple, which would be a price of somewhere around $180."

Watch his full comments:


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Trader disclosure: On March 2nd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns Adami Owns (AGU) (C) (GS) (INTC) (BTU) (MSFT) (NUE); Najarian Owns (MRVL) (BAC) Call Spread (CLF) Call Spread
(F) Calls (HIG) Call Spread (INTC) Calls (JOYG) (MYL) (PCX) (PFE); Finerman's Firm Owns (TJX),
Finerman's Firm Is Long S&P Puts Finerman's Firm Is Short (IYR), Finerman's Firm Is Short (IJR), Finerman's Firm Is Short (MDY), Finerman's Firm Is Short (SPY), Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (USO), Finerman's Firm Is Short (UNG), Finerman Owns (AAPL),
Finerman's Firm Owns (BAC), (BAC) Leap, Finerman Owns (BAC), (BAC) Preferred, Finerman's Firm And Finerman Own (GGWPQ), Finerman's Firm And Finerman Own (GOOG), Finemran's Firm And Finerman Own (JPM), Finerman's Firm Owns (MCD), Finerman's Firm Owns (MIL), (MIL) Calls, Finerman's Firm Owns (OSIP), Finerman's Firm Owns (QCOM), FInerman's Firm Owns (TGT), Finerman's Firm Owns (WFC) Preferred, Finerman's Firm Owns (WMT), Finerman's Firm Owns (YUM);

For Brian Kelly:
Kanundrum Capital Owns (SDS)
Kanundrum Capital Owns (BRCM)
Kanundrum Capital Owns (C)
Kanundrum Capital Owns (JPM)
Kanundrum Capital Owns (CS)
Kanundrum Capital Owns (DB)
Kanundrum Capital Owns (NBG)
Kanundrum Capital Owns (GDXJ)
Kanundrum Capital Owns (TM)
Kanundrum Capital Owns (IPI)
Kanundrum Capital Owns (MOS)
Kanundrum Capital Owns (POT)
Kanundrum Capital Owns (GLD)
Kanundrum Capital Is Long U.S. Dollar
Kanundrum Capital Is Short (FCX)
Kanundrum Capital Is Short (GS)
Kanundrum Capital Is Short Yen
Kanundrum Capital Is Short Pound
Kanundrum Capital Is Short Swiss Franc
Kanundrum Capital Is Short Copper

Kelly Owns (AMZN) Calls
Kelly Owns (ELX) Calls
Kelly Owns (QLGC) Calls
Kelly Owns (HOV) Calls;

For Steve Cortes:

Cortes Is Short Treasuries Through Puts

For Brad Hintz:

Hintz Owns Morgan Stanley And Discover
Hintz Owns (CME)
Accounts Over Which Bernstein And/Or Affiliates Exercise Investment Discretion Own More Than 1% Of Barclays PLC, Credit Suisse Group, (C), (GS), (JPM), (MS), (BAC)
Barclays PLC, (C), Credit Suisse Group, (GS), (JPM), (MS), (BAC) UBS AG Are Or In Past 12 Months Were Clients Of Bernstein (Non-Investment Banking-Securities Related Services), Bernstein Received Compensation
An Affiliate Of Bernstein Received Compensation From Barclays PLC, (C), Credit Suisse Group, (JPM), (GS), (MS), UBS AG (Non-Investment Banking-Securities-Related Services)
Bernstein Or Affiliate Received Investment Banking Compensation From (C) In Past 12 Months
Bernstein Or Affiliate Expects To Receive/Seek Investment Banking Compensation From Barclays PLC, (C), Credit Suisse Group, (GS), (JPM), (MS), (BAC) UBS AG In Next 3 Months

For Stephen Weiss:

***NO DISCLOSURES

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