Credit Suisse lifts Goldman estimates

• Decoupling of global monetary policy continues to drive dispersion in markets and opportunities for trading businesses to monetize client flows," say Credit Suisse's Christian Bolu and Susan Katzke, expecting healthy Q1 results from the brokerage industry.
• They also note the "digestion" of sizable M&A backlogs will provide a boost to earnings.
• The team boosts its Q1 EPS estimate for Goldman Sachs (GS -0.3%) to $4.30 from $4.16, and see Q1 year-over-year FICC growth for the first time since 2009. ROE should be an industry-leading 11%. They'll also be looking for management earnings call commentary surrounding capital plans. The target price of $225 is 1.3x book value and 12x 2016 estimated earnings.
• Morgan Stanley (MS -0.2%), however, rates just a Neutral as core trading revenues will be lower Y/Y thanks to elevated commodities revenue a year ago.