Citigroup (NYSE:C) Cuts Goldman Sachs (NYSE:GS) Estimates

Citigroup analysts cuts Goldman Sachs estimate

As expected, shares of Goldman Sachs (NYSE:GS) dropped when Citigroup (NYSE:C) analyst Keith Horowitz cut his estimate for the bank for the first quarter, based on weaker-than-expected underwriting business.

That estimate cut comes even though commodities trading, currency and fixed income seems to be improving; seeming to show how weak the underwriting market is. Morgan Stanley (NYSE:MS) received the same treatment from Horowitz, for the same reason.

Even so, the rating for Goldman remains the same from Horowitz, maintaining a "Buy" on the company, with a price target of $240. Morgan Stanley still receives a "Hold" rating from Horowitz, with a price target of $32.

Earnings per share estimate on Goldman is from $4.45, down from the $4.55 previously estimated.