With second quarter earnings coming up, Credit Suisse Group AG (ADR) (NYSE:CS) has adjusted its earnings estimates for US large cap banks slightly to account for the falling trade revenues that bank executives have been warning us about for the last few months. Credit Suisse has increased its price target for PNC Financial Services Group Inc (NYSE:PNC) from $90 to $95, U.S. Bancorp (NYSE:USB) from $44 to $46 and Wells Fargo & Co (NYSE:WFC) from $50 to $56, even though WFC is the only one whose EPS estimates have been revised up and all three are rated Neutral.
“We are fine-tuning our EPS estimates, generally reducing them for the capital markets sensitive banks (3-8% in 2014, and 1-2% in 2015 and...
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