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Morgan Stanley analysts are lowering their estimates for Wilmington Trust Corp. (NYSE:WL) on lower pre-provision earnings and continued credit weakness. Analysts Cheryl Pate, Timothy Skiendzielewski and Betsy Graseck said, "We are reducing our EPS on lower-than-expected pre-provision earnings and continuing weakness in much of WL's loan portfolio. 2010 EPS declines by 43c and 2011 EPS declines by 18c. Low interest rates will continue to be a headwind for WL for much of 2010, both in NII (yield on securities) and mutual fund fee waivers. Additionally, client preference remains skewed to fixed income instruments, ETFs, and other investment services, which have thinner margins than equity products.We like WL's diversified business model, with banking, trust, and corporate advisory services driving lower revenue volatility; however, expectations for continued elevated credit costs keep us Equal-weight." The bank sees fiscal 2010 EPS of $0.17 and fiscal 2011 EPS of $1.29.
From: TradeTheTrend
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