11 de julio de 2008 / 15:47 / en 9 años

UPDATE 1-Citigroup cuts estimates, targets on US banks

 (Recasts, adds details, share movement)
 July 11 (Reuters) - Citigroup cut its estimates and price targets on several U.S. banks, including JPMorgan Chase & Co (JPM.N) and Bank of America Corp (BAC.N), on higher assumed losses on credit card, home equity, residential construction, and sustained weak capital markets environment.
 In a research note, analyst Keith Horowitz said he incorporated his mark to market estimate for Bank of America of $1.2 billion, which included a $530 million subprime collateralized debt obligation-related hit, $430 million monoline exposure, and $280 million auction rate securities.
 Horowitz said he expects U.S. Midwest regional bank KeyCorp (KEY.N) to post a loss of $2.97 a share in the second quarter.
 Shares of Wachovia were down 13 percent at $11.39 in morning trade on the New York Stock Exchange, while those of JPMorgan fell 6 percent to $32.51. Shares of Bank of America fell 6 percent to $21.03.
 Company                Price target     2008 earnings per share
                                            estimate ($)
                        Current   Prior    Current Prior
 JPMorgan Chase (JPM.N) $38       $50       2.10   2.80
 Bank of America (BAC.N)$23       $38       1.93   2.65
 Wachovia WB.N        $14       $25      -1.24   1.50
 PNC Financial
 Services (PNC.N)       $56       $60       4.80   5.05
 SunTrust Banks (STI.N) $34       $54       2.60   3.00
 US Bancorp (USB.N)     $24       $29       2.30   2.60
 M&T Bank (MTB.N)       $73       $86       6.35   6.70
 Synovus Financial      $9        $10.50    0.52   0.64
 (SNV.N)
 Wells Fargo (WFC.N)    $25       $28       2.10   2.40
 Regions Financial      $11       $21       1.76   1.95
 (RF.N)
 KeyCorp (KEY.N)        $11       $15      -1.62  -2.00
 TCF Financial TCB.N  $14       $18       1.39   1.50
 Comerica (CMA.N)       $20       $30       2.15   2.80  (Reporting by Swagata Gupta in Bangalore; Editing by Deepak Kannan)   

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