Credit Agricole's analyst Mike Mayo has his scalpel out today, excising EPS estimates for some in the banking industry, including Morgan Stanley (NYSE:MS).
EPS estimates for the fourth quarter were cut from 61 cents to 40 cents, a 34 percent drop. The Street is looking for 41 cents at this time.
Mayo also cut Goldman (NYSE:GS), but he was more positive on them, maintaining a "Buy" rating, although significantly cutting their Q4 estimates as well.
Credit Agricole has an "Underperform" rating on Morgan Stanley, which was trading at $27.35, down $0.31, or 1.12 percent, as of 12:26 PM EST. They have a price target of $27 on them.
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