Meredith Whitney Cuts Goldman Sachs (GS), Morgan Stanley (MS) Estimates

Banking analyst Meredith Whitney on Thursday cut her earnings estimates for Wall Street banks Goldman Sachs (GS) and Morgan Stanley (MS), in the days before the two are set to report earnings.

Whitney, head of the Meredith Whitney Advisory Group, lowered her estimate for Goldman’s Q2 EPS to $1.70 from her previous estimate of $4.75. She also cut her full-year estimate for Goldman for fiscal 2010 from $20.00 to $15.70. The Street is looking for 2010 EPS of $16.76

Morgan Stanley’s projection for 2010 were cut down to $0.40 EPS for the quarter (current Thomson Reuters (TRI) consensus is $0.50).

Goldman Sachs shares lost $1.17, or 1.19%, to $134.15 while Morgan Stanley rose 6 cents, or 0.25%, to $24.01 in afternoon action Thursday.

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