UPDATE: Deutsche Bank Downgrades Morgan Stanley to Hold

Deutsche Bank lowers its rating on Morgan Stanley

to Hold from Buy and lowers its price target $6 to $22, on limited near-term upside. Deutsche Bank says, "While the gains over the past few months were warranted and we still expect the firm to eventually get closer to adjusted TBV, given a still mixed macro/reg outlook, a challenging outlook for FICC for the non-top five players, & a relative rating/rev mix headwind, we expect returns and valuation to remain challenged and see limited upside." MS closed at $19.51 a share yesterday.