Bank of America, 20 Other Banks Cut by Goldman |
| TheStreet.com - Aug 11, 2011 |
Bank of America(BAC_), Citigroup(C_) and 19 other banks received reduced price targets from Goldman Sachs analysts on Thursday.
Goldman's analysts cited "renewed concerns surrounding the global economic outlook" and the S&P downgrade of the U.S. triple-A rating. While the analysts do not expect "2008 all over again," they believe "an extended low rate, low growth environment" will take its toll on the sector.
On average they reduced 2012 and 2013 earnings per share estimates by 7% and 10%, respectively, while reducing price targets by an average of 13%.
Bank of America remained a "buy," in the view of Goldman's analysts, but saw its price target drop by 23% to $10 from $13. Goldman also lowered 2012 estimates by 17% while lowering 2013 estimates by 18%.
"The market remains concerned over its Basel III capital position...which has been a major contributor to its stock falling over 25% to $7 over the past two weeks," the analysts write.
Read Full Article from TheStreet.com
- Posted: 2011-08-11 20:47:23
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