Goldman Sachs Upgrades Morgan Stanley (MS) to Conviction Buy, Sees 24% Upside

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Goldman Sachs upgraded Morgan Stanley (NYSE: MS) from Neutral to Conviction Buy with a price target of $23, suggesting 24% upside.

The firm said in addition to asset price recovery in credit and sovereigns, the company's focus on addressing legacy issues from the financial crisis positions it to benefit from cyclical improvements in client activity. Also, margins should improve on lower MSSB integration costs and improving client assets.

For an analyst ratings summary and ratings history on Morgan Stanley click here. For more ratings news on Morgan Stanley click here.

Shares of Morgan Stanley closed at $18.56 yesterday, with a 52 week range of $11.58-$31.04.

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