Credit Suisse cuts Q3 profit view on Goldman Sachs

Analysis

Credit Suisse cut its Q3 profit view on Goldman Sachs by 30% citing cost of asset price declines, weaker trading volumes and reduced investment banking activity.

Analyst Susan Katzke now expects third-quarter earnings of $1.50 a share, down from her earlier view of $2.15 a share.

Katzke, who has an outperform rating on the stock, also cut her 2008 earnings per share view on the company to $13.50 from $14.50.

She, however, did not change her 2009 profit view of $19.0 on the largest US securities firm.

In the past few weeks, Goldman Sachs has seen analysts at Merrill Lynch, Fox-Pitt, Bernstein, Citigroup and Lehman cut their estimates on it. (Reuters)

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