JP Morgan and Oppenheimer took turns taking shots at Merrill Lynch (MER) today, theflyonthewall reports.
JP lowered its 2008 EPS estimate for MER from $0.86 to -$0.04 citing slowing client activity, ineffective hedges, expected fixed income write-downs and monoline exposure. Maintains Neutral.
Oppenheimer believes Merrill’s previous Temasek and convertible stock capital raises will make additional capital raising deals more dilutive. UNDERPERFORM.
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