- Atlantic Equities' Richard Staite cuts his Q1 EPS estimate for Citigroup (C +1.9%) to $1.14 from $1.40 and his full year estimate to $4.59 from $4.96, while expressing doubt about the bank's ability to hit its 2015 ROE target of 15%. He continues to have a Hold rating on the name with $55 price target
- The move comes after CFO John Gerspach - speaking at an institutional investor conference on Monday - said markets revenues this quarter were off by a high mid-teens percentage, investment banking revenue was tracking lower, and expenses headed higher.
- Credit Suisse's Moshe Orenbuch cut his Q1 forecast to $1.21 from $1.41 and FY14 to $5 from $5.25. He still rates the stock an Outperform with $65 price target.
- JPMorgan (JPM +0.9%) - at its investor day last week - was the first of the big banks to signal the greater-than-expected trading revenue slowdown, and KBW's Chris Mutascio lowered his Q1 EPS estimate to $1.38 from $1.43 and FY14 to $5.90 from $5.95. He's got an Outperform and $63 price target on the shares.
- Bank of America (BAC +1.8%) swims in the same waters, and Orenbuch lowered his Q1 numbers to $0.19 from $0.24 and FY14 to $1.30 from $1.35.
at CNBC.com (Tue, 10:05AM)