UPDATE 1-RESEARCH ALERT-Lehman cuts Bear Stearns price target
(Adds 2008 EPS estimates)
Jan 15 (Reuters) - Lehman Brothers cut its price target on Bear Stearns Cos Inc BSC.N but raised its targets on Merrill Lynch & Co Inc MER.N and Morgan Stanley Inc (MS.N: Cotización), and said there is significant long-term value in the large-cap broker-dealer stocks.
Lehman cut its price target on Bear Stearns to $110 from $117. The price target on Merrill Lynch was raised to $68 from $62, while Morgan Stanley's target went to $60 from $59.
The best values in the group are Bear Stearns, Morgan Stanley, Merrill Lynch and Goldman Sachs Group Inc (GS.N: Cotización), Lehman said. It has a price target of $234 on Goldman Sachs.
Lehman changed its 2008 earnings-per-share estimates for the following companies: COMPANY CURRENT PRIOR Bear Stearns $8.01 $10.72 Goldman $20.80 $22.91 Merrill Lynch $6.09 $7.96 Morgan Stanley $6.35 $6.76 (Reporting by Jennifer Robin Raj in Bangalore; Editing by Pratish Narayanan, Deepak Kannan)
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