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Goldman Sachs: Financial Winners & Losers

Goldman Sachs shares are unchanged after Barclays Capital cut its second-quarter earnings estimate.



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Goldman Sachs

(GS) - Get Report

shares were flat while most financial stocks traded lower Wednesday, even after an analyst cut his price target and slashed second-quarter earnings targets for the investment bank.

Goldman Sachs

shares were little changed at $134.85 after Barclays Capital analyst Roger Freeman lowered his price target on the bank's stock to $175 from $195 and dropped his second-quarter earnings estimate to $1.95 a share from $5.35 a share. Freeman cited deteriorating market conditions since the end of the first quarter which have sparked higher volatility and "flight-to-safety" trades.

"We believe this market dislocation, while certainly smaller than the dislocations seen in 2008 and early 2009, has impacted broker-dealer revenue generation in terms of client activity levels, trading revenue and investment banking results," Freeman wrote in a research note.

Barclays' Freeman also lowered his second-quarter view on

Morgan Stanley

(MS) - Get Report

on those same tougher market conditions. Freeman expects Morgan Stanley will have second-quarter earnings of 55 cents a share, down from his prior target of 77 cents a share and below Wall Street's average estimate of 63 cents a share.

Shares of Morgan Stanley were down 0.6% to $25.04.

Most other major U.S. bank stocks were sliding during Wednesday's session.

Bank of America

(BAC) - Get Report

fell 1.2% to $15.39,

Wells Fargo

(WFC) - Get Report

was down 0.9% to $27.22, and


TheStreet Recommends

(C) - Get Report

was off 0.1% to $3.93.

On the upside,

JPMorgan Chase

(JPM) - Get Report

shares climbed 0.4% to $38.47.

Elsewhere, mortgage insurers were sliding after

new-home sales

fell by 32.7% last month following the April expiration of the first-time homebuyers tax credit.

The PMI Group


slumped 4.8% to $3.34,

MGIC Investment

(MTG) - Get Report

was down 2.1% to $8.02, and

Radian Group

(RDN) - Get Report

was off 0.6% to $8.52.

-- Written by Robert Holmes in Boston


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