J.P Morgan changes their 2009 est on Goldman Sachs and Morgan Stanley. The firm sees the 2009 outlook for almost every business as challenging putting pressure on core revenues at GS and MS even though the writedowns should moderate.
They continue to avoid the brokerage sector, but recommend GS for those that want exposure to the sector. The firm cuts their 09 GS EPS est to $6.25 from $7.00 (consensus is $7.98), and raises their MS 09 EPS est to $2.35 from $2.15 (consensus is $2.30).