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Mortgages a Strength for Bear, But 'Headwinds' Pose a Threat.
New York -- Bear Stearns topped estimates in 2005, and strength in the mortgage securities field helped the company beat estimates for earnings, according to a stock analysis firm.
CreditSights said that "resiliency in mortgages" as well as Bear Stearns' across-the-board strength in credit and interest rate products helped drive strong fixed-income performance.
But while mortgages were a blessing in fiscal 2005, they could be a drag this year, CreditSights said.
The company has a "market weight" rating on the stock of Bear Stearns, citing the "macro headwinds facing mortgages." CreditSights gives the company's stock a price target of $105.
Bear Stearns reported earnings per share of $10.31 in 2005, up 6% from 2004 and $0.19 ahead of a key Wall Street consensus estimate.
In the fourth quarter, net earnings minus preferred stock dividends and other costs increased to $422 million, up 7% on a linked-quarter basis.
The company's fixed-income revenue, which includes mortgage-backed securities business, grew by 13% in the fourth quarter.
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Source: HighBeam Research, Mortgages a Strength for Bear, But 'Headwinds' Pose a Threat.