Investment banking and equity trading remained sluggish through the fourth quarter, prompting Nomura Equity Research to lower its outlook for such big names as Goldman Sachs , Bank of America and Citigroup Inc.
"With the usually slower holiday season coming, we see little sign that activity will pick up as we close out 2011," the firm said in a note to clients.
"We also expect 2012 activity levels to be impacted by the expected slowdown in Europe and remaining regulatory uncertainty."
Nomura lowered its price target for Bank of America to $7 from $8, Citigroup was cut to $36 from $38, Goldman Sachs was lowered to $130 from $141, and Morgan Stanley was reduced to $18 from $20.
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