Kostin: “Looking into 2020, although consensus expectations for 9% EPS growth appear too optimistic, modest negative revisions should not pose a major risk to the market. Consensus estimates are usually too optimistic. Consensus 2020 earnings estimates have come down by 4% since March 2019 and the current trajectory of revisions is consistent with the historical pattern (Exhibit 2). Our top-down 2020 EPS growth estimate of 6% implies further negative revisions, roughly in line with this pattern”