Analysts Joan Solotar of Credit Suisse First Boston and Henry McVey of Morgan Stanley Dean Witter & Co yesterday cut their earnings estimates for Merrill because of severance charges from job cuts.
Butte is in the minority in recommending that investors avoid Merrill shares. McVey, the top-ranked analyst in Institutional Investor's survey, and Guy Moszkowski of Salomon Smith Barney Inc, who ranks second, are among 14 analysts who recommend Merrill shares.
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