NEW YORK Analyst Richard K. Strauss of Goldman Sachs Group lowered his profit outlook Monday for four broker-dealers.
Mr. Strauss cut his per-share estimates for Lehman Brothers Holdings Inc. by 20 cents, to $1.15, and by 38 cents, to $5.47, for the third quarter and 2001, respectively. He cut Morgan Stanley Dean Witter & Co. by 10 cents, to 70 cents, and by 24 cents, to $3.36; and J. P. Morgan Chase & Co. Inc. by 10 cents, to 55 cents, and by 23 cents, to $2.27.
He left his estimates for Merrill Lynch & Co. Inc. at 40 cents for the quarter but reduced his full-year outlook by 10 cents, to $2.50.
Mr. Strauss also lowered his investment rating on Lehman shares to market performer from market outperformer and argued that the cut signals the continuation of choppy conditions for the group near term.
