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Goldman, Citi Downgraded To Neutral At Bank Of America On "Subdued Client Engagement"

Tyler Durden's picture





 

From Bank of America's Guy Moszkowski, who confirms our views that continuing subdued market participation (or as Guy calls it "market engagement") remains subdued, arguably due to the Bernanke Put which means stock market volatility is a thing of the past, at least until days in which war appears imminent.

Downgrading Citi and GS to Neutral. POs cut. Common denominator: expected weakness in Q1:11 results. Results unlikely to be dismal, and should show improvement over Q4, but we don’t expect seasonal improvement as strong as often seen in the past. Client engagement remains subdued, Mid-East turmoil likely only to further reduce customer risk appetite. Thus we are making significant cuts to our forecasts, and expect consensus to decline over the coming weeks. Increasingly, we believe investors will look to the theme of improving cash flow/return of capital via dividends/ buybacks, and also to play financials that are less–or even positively – affected by restrictions on banks such as Volcker Rules.

Full report:

 

 


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Fri, 03/04/2011 - 09:22 | Link to Comment 101 years and c...
101 years and counting's picture

LOL.  Here come the cannibals. 

Next week: GS to cut BOA to super-duper strong sell based on fact they pay have to put back 60+ billion in mortgages and have only 3-4 billion reserved.

Fri, 03/04/2011 - 09:25 | Link to Comment snowball777
snowball777's picture

Those cads! I'm canceling our tee time.

Fri, 03/04/2011 - 10:09 | Link to Comment curbyourrisk
curbyourrisk's picture

Might as well add WFC to the list....  Their list of mortgaes are even greater thanks to Wacovia/Golden West Financial

Fri, 03/04/2011 - 09:23 | Link to Comment LongSoupLine
LongSoupLine's picture

Bank of America's Guy Moszkowski Translation:

 

"Holy shit, if they suck even 1/10th as bad as us, we better downgrade those heaps of fecal waste posing as banks fast!"

Fri, 03/04/2011 - 09:23 | Link to Comment snowball777
snowball777's picture

Client engagement remains subdued

 

The squid is using more lube.

Fri, 03/04/2011 - 10:15 | Link to Comment NotApplicable
NotApplicable's picture

And roofies. See how their eyes are all glazed over, with drool running down their chins?

Fri, 03/04/2011 - 09:26 | Link to Comment WallStreetClass...
WallStreetClassAction.com's picture

They KNOW it's coming and it's ENEVITABLE.

The grass roots efforts already taking hold.

At http://www.WallStreetClassAction.com we organize a class action against the banks, the ratings agencies and other financial institutions involved in staging the colossal securitization fraud and subsequently crashing the economy and resulting in over $5 Trillion in asset losses in the US alone.Wall Street monopolistic, essentially rogue financial entities have destroyed the fabric of our society and broke our laws, making a mockery of fiscal prudence, ethics and justice. Even our very government is controlled and manipulated (by being an interdependent collosal trap) by this highly illegal banctel, where bank executive officers "retire" or transition into various government regulatory and controllership positions, futher aiding and abetting the ongoing fraud. And when the overleverages casino style betting and back-hedging finally tipples over and out of control, the losses are effectively socialized, while the injured parties are thrown out on the street.
By having repealed the essential laws and regulations beforehand banks had stepped up the level of their offense to premeditated obstruction of justice and outright conspiracy to wire fraud. Citibank - Travelers “merger” and “Glass-Steagall shattering” alone had cost us the taxpayers $2-3 Trillions in real asset losses. Hedging, backroom betting, trading fraudulently rated derivatives, all to be eventually back-stopped by the Nation’s books, while remaining off their own is an affront to feducuary trust, a mockery of fiscal prudence and ethics. 
WE THE PEOPLE will hold the banksters legally liable. 
SIGN UP ON THE SITE www.WallStreetClassAction.com

Fri, 03/04/2011 - 10:02 | Link to Comment Blankman
Blankman's picture

Great thanks. I signed up and then 5 minutes later a county sheriff showed up at the door with a foreclosure notice signed by Brian Moynihan himself.

Fri, 03/04/2011 - 12:13 | Link to Comment Monday1929
Monday1929's picture

Maybe you should pass this on to the Pentagon who believe foreign terrorists did it. Let them know it was terrorists, but good ole American ones like Jamie Dimon.

But the punishment for their treason should be death by hanging just the same, once found guilty by a jury.

Sat, 03/05/2011 - 15:49 | Link to Comment ZeroPower
ZeroPower's picture

lol

Fri, 03/04/2011 - 09:56 | Link to Comment Zero Govt
Zero Govt's picture

Don't they mean Goldman Sachs of Shit is losing despots and tyrants business as they topple around the globe?

What's the world coming too eh?... you get these scum as clients through all the regulatory hoops and then they lose it to a bunch of pesky citizens.. Gadaffi just didn't use enough bombs and jets to keep his account at GS open!

Fri, 03/04/2011 - 10:03 | Link to Comment Overflow-admin
Overflow-admin's picture

There are 190'000 corporate governments in the US robbing your money. Mine too certainly.

http://www.youtube.com/watch?v=QkfMuvVuETQ&feature=player_embedded

Fri, 03/04/2011 - 10:37 | Link to Comment Zero Govt
Zero Govt's picture

yes the correct term for Big Govt and Big Corps collusion is 'fascism'. The right have always been in bed with Big Corps but now the left (socialists/marxists) have in the past decade also realised it's the way to go (as State run anything is crap and goes bankrupt - you can't milk/parasite off a bankrupt industry).

So there we have it. The Parasite Club operates the same Big Govt Big Corps system of collusion, only the colours and ticker tape changes at election time in pure charade to mask fascism in "democratic elections"

 

Fri, 03/04/2011 - 12:34 | Link to Comment Clint Liquor
Clint Liquor's picture

"Client engagement remains subdued"

It must be taking longer for the Client's butts to heal after the last 'engagement'.

 

Mon, 03/07/2011 - 20:40 | Link to Comment lsjcma
lsjcma's picture

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