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Goldman Cut by Bove; Rivals Next?

NEW YORK ( TheStreet) -- Rochdale Securities analyst Richard Bove cut his 2010 estimates on Goldman Sachs (GS - Get Report), following through on comments he made to a week ago.

Bove had told he had heard from bank executives trading was weak in January due to the threat Greece would default on its debt, saying if things did not turn around in a week's time he would cut estimates on Goldman, Morgan Stanley (MS), Citigroup (C) and Bank of America (BAC).

In a follow-up interview Tuesday, Bove said he would have to talk with these companies before decided to cut estimates, though he cited data from the New York Federal Reserve, the Chicago Board Options Exchange and the New York Stock Exchange as all indicative of weak trading activity so far in the quarter.
Lloyd Blankfein
Lloyd Blankfein, chairman and CEO of Goldman Sachs

Bove said the banks who told him of the weakness in trading activity included Credit Suisse (CS), which he does not cover, and Goldman. He also cited public comments by JPMorgan Chase (JPM) boss Jamie Dimon. He said Goldman still sees a possibility things will turn around in March.

A Credit Suisse spokesman declined to comment and Goldman spokesmen did not immediately respond to an email message.

Bove retains a "buy" on Goldman and a $200 price target.

-- Written by Dan Freed in New York.

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