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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