Countrywide estimate slashed
Countrywide Financial Corp., the mortgage lender that received a $2-billion investment from Bank of America last week to weather the sub-prime loan crisis, had its earnings estimate cut nearly two-thirds on Monday by Lehman Bros. Holdings Inc.
Lehman analysts led by Bruce Harting reduced their 2007 earnings estimate to $1 a share from $2.80, according to a research note. Piper Jaffray & Co. dropped its rating to “market perform” from “outperform” for the Calabasas-based lender.
Analysts are cutting their expectations for Countrywide on concern the mortgage market will continue to decline.
Countrywide shares fell $1 to $20.
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