Citi Cutting Estimates On Goldman (GS)

Citi Investment Research has a Buy rating and a $200 price target on shares of Goldman Sachs GS, but is cutting its ratings. In a research report sent to investors, Citi writes, "We reduce our 4Q estimates at GS from $4.15 to $3.85 (vs consensus of $4.35), MS from $0.55 to $0.42 (vs consensus of $0.49), JPM from to $1.06 to $1.02 (vs consensus of $0.99); and raise BAC from $0.25 to $0.36 (vs consensus of $0.24) due to one-time gains. While 4Q results are likely to be challenging, we believe investors are likely to overlook a soft 4Q and focus on 2011, which we see as having better prospects for revenue growth given somewhat improving economic outlook in recent weeks." Shares of GS lost 42 cents on Friday to close at $164.04.