Citigroup cut its full-year earnings projections for Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley on Friday, citing substantial decline in fixed income, currency and commodities trading in the fourth quarter of 2009.
Citi cut its earnings forecast for BofA to 50 cents per share from 95 centsy, but kept its "buy" rating for the stock and its price target of $23 per share.
Citi also cut Goldman Sachs earnings per share view to $5.25 from $5.50 and kept its "buy" rating on Goldman with a price target of $240.
In addition, it lowered Morgan Stanley's fourth-quarter earnings per share view to 36 cents from 66 cents a share and cut its 2010 earnings view for Morgan Stanley to to $3.10 from $3.60 per share.
Citi kept its "hold" rating on Morgan Stanley with a price target of $35 per share.
Fourth-quarter earnings expectations for JPMorgan Chase were cut to 55 cents per share from 60 cents.
Earnings for 2010 are now expected to be $2.90 per share, down from the previous estiamte of $3.20 per share.
Citi kept its "hold" rating on JPMorgan with a price target of $48 per share.
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