UPDATE: Morgan Stanley Upgrades Nomura to Overweight on Priced-in Secondary Market Moves

Morgan Stanley Analyst Hideyasu Ban upgraded Nomura NMR from Equal-weight to Overweight on expected primary flow increases. In the report, Ban stated "Nomura has been a relative laggard in share price performance since Jan reporting. Daiwa has led the rise on high earnings sensitivity to changes in secondary market volume through 4Q and relative edge in primary market share. Yet, assuming continued market recovery, we see much room for upside at Nomura among equity market- sensitive names in the next 3-6 months, due to recovery in primary market share and higher operating leverage via added cost." Following the report, shares of Nomura traded up 0.81 percent to $6.23.