Below we highlight the change in consensus first quarter earnings per share estimates for the six largest US banks and brokers over the last six months. In each chart, the red line represents the consensus first quarter earnings estimate, while the blue line represents the stock price.
As shown, for Goldman (GS), JP Morgan (JPM), Citigroup (C) and Wells Fargo (WFC), we've actually seen first quarter earnings estimates increase over the past month. This is in stark contrast with prior quarters in which we've typically seen analysts continuously drop their earnings estimates for the financials leading up to their report dates. Goldman has seen the biggest increase in earnings estimates recently, from under $2.90/share in late February to nearly $3.50 today.
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While the four companies above have seen an uptick in earnings estimates recently, Morgan Stanley (MS) and Bank of America (BAC) are two that haven't really seen a pickup.
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