今天收跌是意料之中，因为

老灯

明天休市，长周末俄乌战事闹心。

纳指再遭抛售，应该和下周起大量的季报有关。成也萧何，败也萧何。

老灯

CFRA REITERATES STRONG BUY OPINION ON SHARES OF THE GOLDMAN SACHS, INC.
2:17 pm ET April 14, 2022
GS's results benefited from FICC trading and growth in the Consumer & Wealth Management (C&WM) unit. Applying a narrower risk premium, we lower our target $27 to $413 on a forward P/E of 10.1x our 2022 earnings estimate, above the 3-year historic average at 9.7x. We reduce our 2022 EPS by $0.25 to $41.00 and keep 2023 at $43.00, both above consensus estimates. In Q1 2022, equity trading was -15%, while fixed income, currencies, and commodities (FICC) was up 21% and led all global banks reporting FICC so far. We are positive on GS's strategy in C&WM, which is generating organic revenue growth in a market that began a few years ago. Investment banking revenue was -36%, with M&A +1%, equity underwriting including IPOs -83%, and debt underwriting -16%. These declines were partly offset by higher corporate lending revenue +37% and wider spreads on hedges and transaction banking. Efficiency ratios were higher (59.7% vs. 53.3%), as expected, with lower

老灯

CFRA RETAINS BUY OPINION ON SHARES OF WELLS FARGO & COMPANY
2:52 pm ET April 14, 2022
We lower our target by $8 to $53 on a forward P/E of 12.6x, a narrower risk premium than the 3-year historic average at 13.2x given lower mortgage loans and recession risk. Including a reserve loss reversal of $1.1b, offset by net charge-offs of $305m in Q1 2022, we raise our 2022 EPS by $0.25 to $4.20 and up 2023's by $0.20 to $4.70 per share. Net interest income was +5% Y/Y, with net interest margin at 2.16% vs. 2.05%, and non-interest income was -14%, with weakness in investment banking and mortgage loan fees. Total loans rose +10% for the commercial segment and consumer was flat. Consumer Banking and Lending revenue by business was -33% for home lending, +6% for credit card, +10% for auto loans with market share gains, and +2% for personal lending. Corporate and Investment banking revenue was -4% Y/Y in Q2 2022, with commercial real estate +9%, banking mixed from investment and treasury management +4%, and trading markets -18% in residential mortgage-backed securities, offset by +16% in FICC products.