Morgan Stanley Starts Lehman Brothers (LEH) and Goldman Sachs (GS) at Overweight
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Morgan Stanley set coverage on Lehman Brothers (NYSE: LEH) and Goldman Sachs (NYSE: GS) with Overweight ratings.
The firm has a $31 price target on Lehman, saying risk of writedowns is balanced by solid liquidity and capital footing.
Lehman hit a 8-year low yesterday on rumors the company could agree to a take-under.
The firm has a $205 price target on Goldman, saying the i-bank should retain its premium valuation to peers due to its higher return on equity.
The firm set coverage on Merrill Lynch (NYSE: MER) with an Equal Weight rating, citing more writedowns and possible asset sales to raise capital.
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