Citi's Keith Horowitz lowers Q2 EPS estimates for Goldman Sachs (GS) and Morgan Stanley (MS) as...


Citi's Keith Horowitz lowers Q2 EPS estimates for Goldman Sachs (GS) and Morgan Stanley (MS) as a tough June erases optimism from the start of the quarter. He sees Goldman reporting EPS of $2.70, down from $3.10 previously and against consensus of $2.83. Morgan is cut to $0.42 vs. consensus of $0.45. JPMorgan (JPM) might still surprise to the upside thanks to a boost from lower mortgage loss reserves. His $0.27 forecast for Bank of America (BAC) is ahead of the Street at $0.25, and Lazard (LAZ) at $0.33 is also modestly ahead of consensus.

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