An analyst at Lehman Brothers downgraded 4 Wall Street banks today.  Price targets were reduced and yearly earnings were also cut. 

The Victims:

  • Goldman Sachs
    • Price target dropped to $214 from $238
    • 2008 earning outlook at $21.79 a share from $22.90
  •  Bear Stearns
    • Price target dropped to $142 from $186
    • 2008 earning outlook down to $12.17 from $16.00
  •  Merrill Lynch
    • Price target dropped to $106 from $115
    • 2008 earning outlook down to $8.83 from $9.10
  • Morgan Stanley
    • Price target dropped to $81 from $85
    • 2008 earning outlook down to $7.90 from $8.41

 Lehman didn't say anything about it self directly, but the negative tone was implied accross the board.  Forecasts for the remainder of the year also took a hair cut.  The mortgage market weakness will continue its' impact on the financial markets for many months to come.