Merrill Lynch & Co. (MER) Estimates Cut By Goldman Sachs (GS)
A Goldman Sachs analyst cut his earnings estimates and price target on Merrill Lynch & Co. on Wednesday, predicting a rough third quarter for the investment bank.
After four major investment banks last week reported their portfolios took billions of dollars in hits last quarter, Goldman Sachs analyst William F. Tanona in a report predicted Merrill Lynch will do the same.
With financial markets in distress, the four banks said commitments to finance corporate takeovers and exposure to mortgage debt forced them to record accounting charges. These charges reflected the lower value of their investment portfolios in light of the market tumult.
After four major investment banks last week reported their portfolios took billions of dollars in hits last quarter, Goldman Sachs analyst William F. Tanona in a report predicted Merrill Lynch will do the same.
With financial markets in distress, the four banks said commitments to finance corporate takeovers and exposure to mortgage debt forced them to record accounting charges. These charges reflected the lower value of their investment portfolios in light of the market tumult.
Labels: Goldman Sachs Group Inc., GS, MER, Merrill Lynch
posted by Stock Administrator @ 3:36 PM
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