UPDATE: Collins Stewart Downgrades Morgan Stanley to Hold
Collins Stewart lowers its rating on Morgan Stanley (NYSE: MS) to Hold from Buy following the surge on shares to near 60 percent above last November's level. It raises its price target to $23 from $22.
Collins Stewart says, "Morgan Stanley has been on a roll lately, reporting solid Q4 results and chalking up some early 2012 successes in winning high-profile mandates in both ECM and M&A. Economic indicators in the US have perked up and the panic that gripped European markets in Q4 has abated; both of these should help rebuild investor confidence and client activity levels in Morgan Stanley Global Wealth Management. However, we believe much of this good news is now in the price, and we would expect MS shares to begin performing more in line with the sector. We would also note that our estimates remain above consensus."
MS closed at $20.25 a share on Tuesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.