Oppenheimer analyst Meredith Whitney renewed her assault on Wall Street today, slashing estimates at Merrill (MER), UBS (UBS), and Citi (C).
Merrill’s Q2 EPS estimate cut from $0.20 to -$4.21 on concerns over “headwinds of deleveraging and the next disruptive step of restructuring.”
Citigroup’s Q2 estimate goes from $0.21 to -$1.25, on “the fact that the company has seriously constrained earnings power, in addition to the writedowns seen in 2Q08.”
UBS Q2 estimate cut from $0.69 to -$2.03. The firm “faces a difficult task of navigating through its risk exposures from the investment bank and rebuilding its damaged wealth management franchise.”