GET JIM CRAMER'S ACTUAL PORTFOLIO FOR FREE!GET FREE Whitney said Muni collapse; Jefferson County starts it off, ...... more Spare Change,
we re Greece in 3 years
Bank of America Estimates Cut By Dan Freed 07/27/11 - 10:49 AM EDT Add Comment Stock quotes in this article:BAC, C, WFC, JPM inShare0 NEW YORK (TheStreet) -- Bank of America saw its earnings estimates cut by yet another analyst following a quarter in which the bank lost $8.8 billion, its largest in history.
The latest analyst to reduce his estimates was Sanford Bernstein's John McDonald. McDonald cut his 2011 estimates for the bank to 43 cent per share loss from an 87 cent gain. McDonald's cuts put him near the low end of the range of the 27 analysts surveyed by Thomson Reuters. The analysts as a group are looking for a loss of 23 cents per share in 2011, with the most bullish predicting a 16 cent gain, and the biggest bear eyeing a 44 cent loss. It seems likely, however, that many analysts still have yet to lower their estimates, since McDonald has been a Bank of America bull for quite some time. McDonald has had an "outperform" rating on Bank of America since at least Oct. 2, 2009, according to data from Bloomberg, though his target price has dropped steadily from 25, on that date, to its present level of 13. Despite his latest downward revision, McDonald made no change to his